FTSE 100 index opens higher as miners extend gains
A dead cat bounce by miners yesterday has been extended, leading the FTSE to a strong opening on a shortened week of trading.
The UK's blue-chip index opened 1.03 per cent higher at 6,145 points, led by Anglo American and Glencore.
Anglo American opened 3.59 per cent higher at 307.83p per share, while Glencore rose 4.25 per cent to 89.4p per share.
Read more: FTSE 100 index closes up as oil companies and miners make gains
Other miners also rose, with Rio Tinto and BHP Billiton up 3.29 per cent at 1,960.75p per share and 3.08 per cent at 750.55p per share respectively. Antofagasta was 3.78 per cent higher at 461.2p per share and Fresnillo rose 1.96 per cent to 703.5p per share.
The encouraging performance came after China’s CSI 300 benchmark index rose to a four-month high and metal prices held off multi-year lows.
Oil companies were also among the risers as the market opened, with BP 1.51 per cent up at 350.13p per share, Royal Dutch Shell 1.07 per cent up at 1,508.25p per share and BG Group 1.86 per cent higher at 946.8p per share.
Read more: US crude and Brent crude oil prices tick up after sliding to multi-year lows
Oil prices edged off multi-year lows yesterday afternoon as investors closed bets prices would fall ahead of the holidays.
And Aberdeen Asset Management and Standard Chartered opened up after yesterday rising on the back of improved sentiment about China. Aberdeen Asset Management rose 1.38 per cent to 293.8p per share, while Standard Chartered was 1.89 per cent up at 570.85p per share.
Diageo, which wrapped up its $780.5m asset swao with Heineken yesterday, rose 1.36 per cent to 1,830p per share.