Monday 09 January 2023 5:30 pm | Updated: Monday 09 January 2023 5:53 pm

FTSE 100 close: China reopening boosts Antofagasta and London miners

It has been a tricky year on London's markets - but some firms have glittered amongst the gloom

London’s FTSE 100 has today extended its robust start to the new year, fuelled by mining giants clinching gains on investors betting commodity prices are on the rise as China dismantles pretty much all of its Covid-19 restrictions.

The capital’s premier index jumped 0.33 per cent to close at 7,724.93 points on the opening day of a new trading week.

The domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slipped 0.13 per cent to 19,479.39 points.

Commodity firms received a welcome boost after Beijing scrapped quarantine rules for inbound travellers in a sign the world’s second largest economy is on course to return to pre-pandemic health.

The move sent some raw material prices to six month highs, lifting London-listed miners, who make up a big chunk of the FTSE 100.

Chilean miner Antofagasta topped the index, adding 4.32 per cent.

“The FTSE 100 has pushed up to its best level since August 2018 driven by resilience in commodity prices after China relaxed covid travel restrictions, helping to push the likes of Glencore and Antofagasta higher as copper prices push to 6-month highs,” Michael Hewson, chief market analyst at CMC Markets UK, said.

FTSE 100 continues winning streak

Today’s gain extended a new year rally that has pushed the FTSE 100 up more than two per cent. The London index was the only top index to notch a gain last year.

Middle-class favourite and online supermarket Ocado continued to arrest last week’s dismal slide, bumping more than three per cent today.

In early exchanges, BP pushed near the summit of the FTSE 100, advancing 1.25 per cent after projections from Bank of America claimed oil prices will surge this year after an initial Covid-19 wave in China recedes and demand recovers.

BP eventually finished 0.42 per cent higher.

Oil prices rose nearly two per cent yesterday.

Pound sterling – which last week briefly kissed a November low – strengthened over 0.7 per cent against the US dollar.

UK gilt yields climbed five basis points after Bank of England chief economist Huw Pill warned he will back another 50 point rate rise next month. Yields and prices move inversely.

Wall Street banking titans JP Morgan and Bank of America kick off US earnings season on Friday.

Other trading announcements this week:

Tuesday 10 January

RS Group plc (RS1)

Wednesday 11 January