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FTSE rebounds with gains of 3.5% FTSE rebounds with gains of 3%
(about 4 hours later)
(Noon): London's leading shares surged in Tuesday morning trading, raising hopes that the index's losing streak might have come to an end. (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 lunchtime, the index was up 207.87 points or 3.52% to 6,106.74. 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.
Glencore was the best performer in the sector, rising 9%. Antofagasta was the best performer in the sector, adding 8.7%.
It was followed by BHP Billiton, which gained 7.7%, despite publishing results that showed a 52% slump in annual profits. BHP Billiton gained 5.5%, despite publishing results that showed a 52% slump in annual profits.
Antofagasta also did well, adding 7.5%. However, fellow miner Randgold Resources was the biggest faller on the index, with a decline of 3.5%.
However, fellow miner Randgold Resources was the only falling share on the index, with a decline of 0.3%. 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.
On the currency markets, the pound was up 0.08% against the dollar at $1.5789 and gained 1.27% against the euro to €1.3761.