By Sarah Jones
July 27 (Bloomberg) -- U.K. stocks climbed, extending the longest stretch of gains since 2004, as mining companies gained and Pearson Plc posted a first-half profit.
Lonmin Plc, Kazakhmys Plc and Antofagasta Plc each rose more than 3 percent on higher metal prices. Pearson jumped 8.8 percent as the owner of the Financial Times newspaper also reported higher sales.
The FTSE 100 added 16.96, or 0.4 percent, to 4,593.57, the highest since January, at 8:47 a.m. in London. The FTSE All- Share Index climbed 0.4 percent and Ireland’s ISEQ Index dropped 0.9 percent.
The benchmark for U.K. equities has climbed for 11 days, the longest winning streak since January 2004, as a record number of U.S. companies from Goldman Sachs Group Inc. to Caterpillar Inc. beat analysts’ earnings estimates. The FTSE 100 has rebound 31 percent from March 3 amid speculation the worst global recession since World War II is easing.
Lonmin, the world’s third-biggest platinum producer, increased 5.2 percent to 1,307 pence as rival Anglo Platinum Ltd., owned by Anglo American Plc, said it expects the price of the precious metal to rise in the second half of the year.
Antofagasta, owner of copper mines in Chile, rallied 3.4 percent to 775.5 pence, while Kazakhmys increased 3.5 percent to 839 pence. Xstrata Plc, the world’s fourth-largest copper producer, added 2.9 percent to 798.1 pence.
Copper jumped to the highest in almost 10 months in London, New York and Shanghai on optimism a global economic recovery will boost demand for the metal used in construction and automobiles.
Pearson increased 8.8 percent to 659 pence after the publisher posted a first-half profit of 28 million pounds ($46 million), as it expanded the international education business and reduced reliance on advertising revenue.
The company reported a net loss of 62 million pounds a year earlier. Sales rose 22 percent to 2.4 billion pounds.
To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net.
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