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FTSE 100 jumps as Glencore shares rebound FTSE 100 jumps as Glencore shares rebound
(about 4 hours later)
(Open): The market made a strong start to the week, with Glencore up sharply on reports it is planning to sell a stake in its agricultural assets. (Noon): The UK market was up more than 2%, with Glencore leading the way on reports it was looking to sell some of its agricultural assets to cut debts.
The FTSE 100 was up 96.76 points, or 1.6%, at 6,226.74 in early trade, with shares in Glencore jumping 13%. The FTSE 100 was up 128.27 points, or 2.1%, at 6,258.25, with shares in Glencore rising 10% to 104.45p.
Earlier, Glencore's Hong Kong-listed shares had jumped as much as 72% on reports it was seeking buyers for its agriculture business. In Asian trade, Glencore's Hong Kong-listed shares had jumped as much as 72%, before closing up nearly 18%.
However, Glencore said it was not aware of any reason for the price movement. However, in a statement, Glencore said it was not aware of any reason for the price movement.
Glencore's shares saw big fluctuations last week following speculation over its financial prospects. The company - along with other mining firms - has been hit hard by the fall in commodity prices, and it is trying to reduce its debts.Glencore's shares saw big fluctuations last week following speculation over its financial prospects. The company - along with other mining firms - has been hit hard by the fall in commodity prices, and it is trying to reduce its debts.
Rolls-Royce shares were up 1.5%. The engineering group announced on Monday it was cutting an extra 400 jobs from its marine business. Elsewhere on the market, energy shares were lifted by rising crude oil prices, and shares in Royal Dutch Shell rose by nearly 4%.
On the currency markets, the pound was 0.26% higher against the dollar at $1.5220 and it had edged up 0.04% against the euro to €1.3542. Rolls-Royce shares were up 2.4%. The engineering group announced on Monday it was cutting an extra 400 jobs from its marine business.
Shares in Lloyds Banking Group rose 1% to 77.32p. The government announced on Monday that it was planning to sell its remaining stake in the bank "in the coming months", with at least £2bn of shares to be offered to private investors next spring.
On the currency markets, the pound gave up earlier gains after a survey suggested growth in the UK's service sector had slowed.
Sterling was flat against the dollar at $1.5187 and was down 0.23% against the euro at €1.3506.