Mining companies leads FTSE rally
by Brian Turner
The London equities markets were up on Thursday as the mining and oil sectors did well but tobacco stocks did not.
The FTSE 100 was up 0.5 percent to 5,045.0 while the FTSE 250 gained 0.8 percent to 7,317.9 on a volume of 2.6 billion shares.
The mining sector continued strong activity on overnight purchases by Australian funds and on higher copper prices based on Chinese data. BHP Billiton was up 4.2 percent to 716p, Rio Tinto gained 3.9 percent to £17.24, Antofagasta rose 3.6 percent to £12.25, and Angloamerican gained 2.6 percent to £13.45.
Oil exploration groups did well as First Calgary Petroleums gained 1.3 percent to 392 ½p despite the end of joint venture talks with Repsol and BowLeven advanced 37 percent to 452p after receiving positive news concerning a drilling project off the coast of Cameroon.
The tobacco sector was lower on a warning from Credit Suisse First Boston that current valuations do not adequately reflect the risks of changes in regulations, changes in taxation, litigation and competition from less expensive brands.
British American Tobacco lost 2.2 percent to £10.74, Imperial Tobacco fell 1.6 percent to £15.07, while Gallaher declined 1.1 percent to 849p.
Discuss this in the Finance Markets forums
Story link: Mining companies leads FTSE rally
Add to Bookmarks:
Related financial stories to: Mining companies leads FTSE rally
- Cable & Wireless leads FTSE gains
- Late rally sends FTSE slightly higher
- British Airways leads FTSE 100, travel shares higher
- London equities pushed by mining
- Eurofirst falls on oil and mining declines
- Oil, mining lift New York markets
- Eurofirst gains on mining, oil
- Antofagasta leads miners higher in London
- Electric power companies gain in Tokyo
- FTSE closes slightly up on interest rate expectations
Previous: « Declines continue on treasury bonds
Next: Euro continues to lose value on exchange markets »
Visited 346 times, 1 so far today
