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FTSE 100 hit by fall in mining giant Glencore FTSE 100 stages afternoon rally to close higher
(about 4 hours later)
(Noon): UK shares fell, with mining giant Glencore the biggest faller after it was hit by a drop in coal prices. (Close): UK shares staged an afternoon rally, helped by a strong start on Wall Street.
Shares in Glencore were down 4.7%, and approaching midday the FTSE 100 was down 8.31 points at 6,076.28. The FTSE 100 closed up 0.87%, or 53 points, to 6,137.6, led by engineering firm Weir Group.
Shares in supermarkets also weighed on the market, with Morrisons, Sainsbury's and Tesco all down by more than 2%. B&Q and Screwfix owner Kingfisher was the biggest faller on the 100 index.
Credit checking agency Experian was one of the biggest risers, climbing 1% after HSBC raised its rating on the stock to "buy". Its shares fell 2% after reporting first-half results showing a weak performance in its French business, where it runs Castorama and Brico Depot chains.
B&Q and Screwfix owner Kingfisher dropped 2.7% after the firm's latest half-year results. It reported a slight dip in half-year profits, and also announced it was considering a big expansion of its Screwfix chain, with potential for another 200 stores. The company also announced it was considering a big expansion of its Screwfix chain, with potential for another 200 stores.
However, its shares were hit by a weak performance from its French business - where it runs the Castorama and Brico Depot chains - where profits fell 16.4%, or by 5.7% when currency moves were stripped out.
After rising more than 3% in early trade, shares in online grocer Ocado went into reverse to stand down 0.3% after its latest sales figures.
The firm reported gross retail sales of £252m in the 12 weeks to 9 August, up 15.3% from a year earlier.
Overall, investors are expected to remain cautious ahead of the US interest rate decision later this week.Overall, investors are expected to remain cautious ahead of the US interest rate decision later this week.
On Thursday, the Federal Reserve will decide on whether to raise US rates for the first time in nine years.On Thursday, the Federal Reserve will decide on whether to raise US rates for the first time in nine years.
On the currency markets, the pound was flat against the dollar at $1.5429 but rose 0.16% against the euro to €1.3652. "Ahead of what looks like the most vital Fed meeting in years, the best thing for markets to do would be simply to sit still and wait for Thursday afternoon," said Chris Beauchamp, market analyst at IG.
"With that being impossible, they have opted for the second choice, namely running around in circles," he added.
Credit checking agency Experian was one of the biggest risers, climbing 1.7% after HSBC raised its rating on the stock to "buy".
Shares in online grocer Ocado jumped 3% in early trade, but by the close stood just 0.7% higher.
The firm reported gross retail sales of £252m in the 12 weeks to 9 August, up 15.3% from a year earlier.
On the currency markets, the pound fell 0.48% against the dollar at $1.5353 and was flat against the euro at €1.3628.