09.09.202515:41:15UTC+00FTSE 100 Rises for 2nd Session

The FTSE 100 experienced gains for the second consecutive day on Tuesday, primarily attributed to robust performances in the mining and energy sectors. Anglo American saw a significant increase of 9% after announcing a merger with Canada's Teck Resources. This strategic move will create Anglo Teck, positioning it among the top five global copper producers. Headquartered in Canada, the new entity will be listed in New York, Toronto, London, and Johannesburg. Under the terms of the merger, Anglo American investors will hold a 62.4% stake, while Teck shareholders will own 37.6%. The merger is expected to enhance Canada’s leadership in critical minerals. Industry competitors Glencore and Antofagasta also saw increases, with shares rising by 5% and 2%, respectively. Meanwhile, oil giants Shell and BP appreciated by over 1% as crude oil prices rose following reports of an Israeli strike in Qatar, which heightened concerns over potential Middle East conflicts. In the realm of economics, the UK saw retail sales surpass predictions; like-for-like sales increased by 2.9% in August, compared to a 1.8% rise in July. This exceeded the anticipated 2% growth, thereby bolstering confidence as wage growth continued to outstrip inflation.