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FTSE rebounds with gains of 3% | |
(about 4 hours later) | |
(Close): London's leading shares surged on Tuesday, bring an end to the index's 10-day losing streak. | |
The FTSE 100 bounced back from 10 days of losses, overcoming fears of a Chinese-led global slowdown that had caused it to fall 4.67% on Monday. | The FTSE 100 bounced back from 10 days of losses, overcoming fears of a Chinese-led global slowdown that had caused it to fall 4.67% on Monday. |
By Tuesday's close, the index was up 182.47 points or 3% to 6,081.34. | |
The rise was boosted by news that China had cut its main interest rate by 0.25 percentage points to 4.6%. | The rise was boosted by news that China had cut its main interest rate by 0.25 percentage points to 4.6%. |
The list of top gainers was dominated by mining stocks. The sector, which had been hard hit on Monday by fears that China's appetite for commodities was slowing, staged a strong recovery. | The list of top gainers was dominated by mining stocks. The sector, which had been hard hit on Monday by fears that China's appetite for commodities was slowing, staged a strong recovery. |
Antofagasta was the best performer in the sector, adding 8.7%. | |
BHP Billiton gained 5.5%, despite publishing results that showed a 52% slump in annual profits. | |
However, fellow miner Randgold Resources was the biggest faller on the index, with a decline of 3.5%. | |
On the currency markets, the pound was down 0.47% against the dollar at $1.57030 and gained 1.28% against the euro to €1.37630. | |