UK stocks open higher on mining boost; Ceres Power slumps 20%

London stocks kicked off December in positive territory on Friday, with the commodity-heavy FTSE 100 index rising 0.6% in early trading. The move was led by mining stocks, which surged after a Chinese manufacturing gauge indicated growth.

Anglo American jumped 4.3%, Rio Tinto rose 2.4%, and Antofagasta climbed 2.0% as the Caixin manufacturing PMI reading topped estimates. Glencore also gained 1.8%. The data drove gains for the sector on hopes of improved demand from top metals consumer China.

Meanwhile, AstraZeneca edged up 1.7% after deciding to halt two late-stage trials for its Lokelma hyperkalemia treatment. The pharma giant said “substantially increased enrolment timelines and low event rates” made delivering timely results difficult.

However, Ceres Power shares plunged 20% after the fuel cell technologist warned 2023 revenue would likely miss forecasts. It expects sales of around £20-21 million versus £22 million last year, saying a new license deal was unlikely to be signed in time.

Elsewhere, satellite IoT firm t42 Tracking Solutions rocketed 60% on a collaboration with Barcelona’s Sateliot for low-earth orbit connectivity.

The FTSE 100 index opened up 0.6%. The FTSE 250 was up 0.2% and the AIM All-Share was up 0.1%.