UK stocks advance after the ECB press conference

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Source: Dukascopy Bank SA
UK shares are trading in the positive territory on Thursday after news that the ECB agreed on unlimited bond purchases to gain control over the interest rates in the Eurozone. Capping the upswing of the UK equities, the Bank of England left key interest rate unchanged and announced no changes in the asset-purchasing program. Moreover, the OECD reported that it expects the UK economy to contract by 0.7% this year. The FTSE 100 Index climbed 0.77% to trade at 5,701.21. Nine out of ten industries within the index advanced. The biggest gains poised basic materials and financials. Anglo American, BHP Billiton and Xstrata jumped by 2.28%, 2.02% and 3.02%, respectively.  Among financial institutions, Barclays, HSBC Holding and Lloyds Banking Group soared 2.28%, 0.87% and 3.15%, respectively. The only sector that moved lower was telecommunications with Vodafone Group falling 0.42%.

 

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