Investment market update
UK stocks are expected to open higher today, taking guidance from the US and Asia where stocks have advanced on the back of higher oil prices.
Asian stocks were up again on Tuesday tracking gains in the US. Oil companies climbed on higher crude prices which have hit a six-month high.
US share markets closed higher on Monday boosted by gains in Apple’s share price and rises in the oil price. Apple shares rose 3.7% after Warren Buffett’s Berkshire Hathaway said it had a stake of $1bn.
UK shares closed higher. Mining stocks gave the index a boost, with Anglo American climbing 5.4%, while Antofagasta and Fresnillo also notched up healthy gains.
The billionaire investor Warren Buffett has revealed that his investment firm has bought a $1bn stake in the technology firm Apple. Berkshire Hathaway disclosed a holding of 9.81 million shares in the iPhone maker in a regulatory filing. Mr Buffett, who has traditionally shied away from tech stocks, is known for buying ‘value stocks’, so it is being seen as significant for Apple. Its shares have fallen almost 30% over the past year but rose on Monday.
China’s ICBC Standard Bank, the world’s biggest bank by assets, has agreed to buy a massive vault in London. It will be the first Chinese lender to own a vault in London as it looks to grow its precious metals business. The vault, which is in a secret location and is being sold by Barclays, can hold up to 2,000 metric tons of gold, silver, platinum and palladium. The deal will give ICBC more influence over trading, pricing and storage of precious metals.