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Mining stocks lead FTSE 100 higher Mining stocks and Tesco lead FTSE 100 to six-week high
(about 5 hours later)
(Noon): London's leading shares were higher at midday on Wednesday, extending the week's gains. (Close): London's leading FTSE index hit a six-week high, led by mining companies and supermarket giant Tesco.
In early afternoon trading, the FTSE 100 index was up 29.42 points, or 0.47%, at 6,355.58. The FTSE 100 closed up 0.2% at 6,336.3 points, the sixth consecutive daily gain.
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. Tesco's first-half profits fell by 55% although the supermarket group said the results were higher than forecasts, and better than its rivals.
Shares in bid target SABMiller rose 1.1% on news that rival AB InBev had raised its offer for the brewer. The shares dived nearly 3% but then recovered to close up 2.5% at 197p.
But mining stocks led the surge with Anglo American rising almost 10%, while Rio Tinto and Antofagasta were up 7.5% and 7.3% respectively.
Investment bank Morgan Stanley upgraded the sector to "attractive" and raised the ratings of Anglo American, Rio Tinto and BHP Billiton.
Shares in brewer SABMiller rose 0.3% after it rejected an improved £42.15 a share offer from Anheuser-Busch InBev, the world's largest 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 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. International Airlines Group (IAG) which owns BA and Iberia, and easyJet both fell more than 5% as oil prices rose and Credit Suisse warned investors that higher fuel bills could hold back profits.
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. On the currency markets, the pound continued to strengthen, rising 0.7% against the dollar to $1.5336 and 0.8% against the euro to €1.3623.