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Friday 21st of November 2008
June 16, 2005

Mining companies leads FTSE rally


by Brian Turner
Declines continue on treasury bonds

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.

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