FTSE buoyed by hopes of global stimulus
BRITAIN’S top share index inched higher yesterday, steadying after sharp falls in the previous session, underpinned by a recovery among heavyweight miners on expectations of fresh global stimulus measures from central banks.
Mining stocks tracked firmer copper prices, which were up over 1 per cent at a one-month high as the demand picture for metals improved on the stimulus hopes.
Speculation of further monetary action from top metals consumer China was heightened after the country’s manufacturing sector PMI data came in at the lowest level since last November.
Investors also saw the minutes from the 31 July 31- 1August US Federal Reserve policy meeting, published after the London close on Wednesday, as suggesting the Fed is likely to launch a third quantitative easing pro
At the close, the FTSE 100 was up 2.40 points, or 0.04 per cent, at 5,776.60 after a topsy-turvy session with thin volumes.
West Africa-focused gold producer Randgold Resources was the top FTSE 100 riser, up 4.2 per cent, while Kazakhmys was the top FTSE 100 faller, down 3.4 per cent, after it reported a steep fall in profits.