U.K.’s FTSE 100 edges higher, adding to this week’s sizable gain

U.K. stocks inched higher Thursday, building on Wednesday’s big gain, in what’s expected to be thin volume with trading set to stop early for Christmas Eve.

The FTSE 100 UKX, +0.12%  rose 0.3% to 6,256.35, trying for a third up day in a row. Mondi PLC MNDI, +1.57%   and Old Mutual PLC OML, +1.46%  each added more than 1% to help to lead the way higher.

The blue-chip benchmark’s step higher follows Wednesday’s 2.6% jump, which was the FTSE’s largest gain since Oct. 5, nearly three months ago. It scored its strongest close in nearly three weeks as energy prices recovered.

On Thursday, Brent crude oil LCOG6, -0.27%  and West Texas Intermediate CLG6, +0.24%   rose 0.4% and 0.6%, respectively, helping sentiment.

Trading in the U.K. is slated to close at 12:30 p.m. London time, or 7:30 a.m. Eastern Time.

The FTSE is on pace for a gain of 3.3% for the holiday-shortened week.
After yesterday’s stellar gains, it was always going to be a tough act for the FTSE-100 to keep this momentum going, and it does feel as if a degree of pre-Christmas party fatigue has now kicked in as the shortened trading session gets underway,” said Tony Cross, market analyst at Trustnet Direct, in a note.

“Volumes are expected to be thin over the next few hours, whilst data that might actually deliver any meaningful direction is also going to be hard to come by,” he added.

source: Market Watch