At the close: FTSE 100 enjoys best two back-to-back days since October as it closes higher as miners make gains
The FTSE 100 closed higher today as miners made gains, despite BHP Billiton sliding.
The UK's top blue-chip index closed 0.88 per cent up, at 6,393 points, following the 0.96 per cent gain yesterday on the back of the chancellor's budget plans that sent housebuilders' stocks higher.
Glencore led the pack, closing 5.85 per cent up at 95.88p per share, while Anglo American and Fresnillo ended the session 4.46 per cent higher at 435.8p per share and 3.96 per cent up at 749p per share.
Antofagasta rose 3.59 per cent up at 516.75p per share.
Read more: At least 17 people killed after BHP Billiton-owned dam bursts
"A lack of major market moving news and below average trading volume due to US markets being closed for Thanksgiving today is favouring higher shares. The overall trend is clearly pointed to the upside," said Markus Huber, a senior analyst at Peregrine & Black.
BHP Billiton's share price, however, fell after JP Morgan cut its rating on the company's stock to "underweight" from "neutral" and said it was factoring a 50 per cent reduction in its dividend. The UN also found malpractice was the cause of the fatal dam collapse in Brazil. Its share price dropped 2.38 per cent to 833.2p per share on the news.
"We believe the Samarco tailings dam failure will prove to be the straw that breaks the camel's back on BHP Billiton's progressive dividend,” JP Morgan analysts said.
Read more: Barclays slapped with £72m FCA fine
Meanwhile, Barclays' share price rose 1.67 per cent to 225.2p as investors brushed off the second fine in two weeks, the bank being asked to pay £72m for failing to conduct proper checks on wealthy clients.
More broadly, most sectors "traded higher on the FTSE 100 in a broad-based rally", Jasper Lawler, analyst at CMC Markets said. "Mining companies topped the index supported by a rally in copper as well as other base metals after Chinese regulators announced a possible probe into short-sellers in local metals markets."
On the FTSE 250, PayPoint's share price fell 6.85 per cent to 924.5p after it reported a five per cent decline in operating profits for the first half of the year.