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Mining stocks lead FTSE 100 higher Mining stocks lead FTSE 100 higher
(about 4 hours later)
(Open): London's leading shares opened higher on Wednesday, extending the week's gains. (Noon): London's leading shares were higher at midday on Wednesday, extending the week's gains.
Shortly after the start of trading, the FTSE 100 index was up 13.67 points, or 0.22%, at 6,339.83. In early afternoon trading, the FTSE 100 index was up 29.42 points, or 0.47%, at 6,355.58.
The rise was led by mining firms. Anglo American led the index with a surge of 6.1%, while Rio Tinto and BHP Billiton were up 4.4% and 4% respectively. The rise was led by mining firms. Anglo American led the index with a surge of 10.2%, while Rio Tinto and BHP Billiton were up 7.8% and 4.8% respectively.
Shares in bid target SABMiller rose 3% on news that rival AB InBev had raised its offer for the brewer. Shares in bid target SABMiller rose 1.1% on news that rival AB InBev had raised its offer for the brewer.
On Tuesday, SABMiller reported a rise in sales volumes, thanks to growth in Latin America and Africa.On Tuesday, SABMiller reported a rise in sales volumes, thanks to growth in Latin America and Africa.
Troubled supermarket Tesco fell 2.3% on news that its underlying profits for the second half of its financial year were down 55% on the same period a year earlier. Troubled supermarket Tesco fell 0.6% on news that its underlying profits for the second half of its financial year were down 55% on the same period a year earlier.
On the currency markets, the pound edged up 0.27% against the dollar to $1.5268 and rose 0.64% against the euro to €1.3600. On the currency markets, the pound edged up 0.55% against the dollar to $1.5311 and rose 0.64% against the euro to €1.3600.