FTSE 100 closes up as the market is boosted by rising mining companies
BRITAIN’S top share index closed higher yesterday, boosted by miners as metals rose and overcoming wariness about the outcome of Greece’s debt problem.
The FTSE 100 closed up 30.20 points, or 0.5 per cent, at 5,753.85, extending Friday’s one per cent rally, but below yesterday’s intra-day peak of 5,800.66.
Antofagasta, Eurasian Natural Resources and Kazakhmys were the best performers, up 3.5 to 7.1 per cent.
Caterpillar yesterday was the latest US company to report good numbers, bolstering investor confidence in the economic recovery story.
Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland climbed 0.6 to 4 per cent.
Germany set tough terms yesterday for Greece to secure emergency aid, increasing uncertainty over a financial rescue that pushed the cost of insuring against a Greek debt default to a record high.
Drugmakers also moved ahead, tracking gains by US peers on Friday after Merck eased concerns about the impact of healthcare reform, saying costs will be relatively low.
Shire put on 2.5 per cent, while GlaxoSmithKline rose 0.7 per cent.
Invensys added 4.3 per cent as investors alighted on the engineering group following some positive news from peers Weir Group and Cookson, up 8.7 and 6.8 per cent respectively.
Chloride was the top FTSE 250 riser, up 42 per cent after US group Emerson Electric made an indicative all-cash offer at 275p a share.
Oil major BP shed two per cent following an explosion at an oil rig.
Pay-TV group BSkyB topped the list of blue chip fallers, down 2.2 per cent ahead of its third-quarter results.