UPDATE 2-Miners push British stocks higher; ASOS gains on Arcadia deal

  • Reuters
  • Stock Market News
UPDATE 2-Miners push British stocks higher; ASOS gains on Arcadia deal
Credit: © Reuters.

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* Fashion retailers ASOS, JD Sports gain on M&A deals

* Silver prices jump to eight-year highs

* UK factory growth hit in January

* FTSE 100 up 0.9%, FTSE 250 adds 0.8% (Updates to close)

By Shashank Nayar, Amal S and Shivani Kumaresan

Feb 1 (Reuters) - British shares rose on Monday, led by gains in mining stocks as silver became the latest target of a retail investor trading frenzy, while fashion retailer ASOS gained on a deal to buy rival brands and JD Sports surged following its second acquisition in the United States.

The blue-chip FTSE 100 index .FTSE gained 0.9%, recovering from its worst session in three months, with miners .FTNMX1770 and construction stocks .FTNMX2350 gaining the most. The mid-cap index .FTMC added 0.8%.

BHP Group BHPB.L , Rio Tinto RIO.L and Anglo American AAL.L were the top gainers in the FTSE 100 index.

Silver prices XAG= surged to an eight-year high, silver-mining stocks leapt and bullion dealers were scrambling as small-time investors piled in to the metal. still think there is difficult times ahead as far as the markets are concerned though it is a positive start to the month with the moves in mining stocks giving a lift," said Craig Erlam, senior market analyst at OANDA.

British manufacturers suffered a double hit last month as COVID-19 disruption to global shipping combined with new trade barriers with the European Union, a survey showed. FTSE 100 has recovered nearly 30% from its March 2020 lows and is 15% away from its highest point last year, led by stimulus support and re-opening optimism, but a recent surge in coronavirus infections and fresh lockdowns capped further gains.

Shares of ASOS ASOS.L gained 6.9% after the fashion retailer's acquisition of Topshop, Topman, Miss Selfridge and HIIT brands from the administrators of Philip Green's collapsed Arcadia group for 265 million pounds ($364 million). biggest sportswear retailer JD Sports JD.L jumped 7.0% on a takeover deal to buy DTLR Villa, its second acquisition in the United States, as the retailer expands its business on the west coast.

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