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FTSE 100 rises as Glencore move lifts mining sector FTSE 100 rally continues as Glencore lifts mining sector
(about 4 hours later)
(Open): Mining shares pulled the market higher after Glencore announced it was cutting its zinc production by a third. (Noon): The London market was on track for its eighth straight day of gains, with Glencore leading the way after it said it was cutting its zinc output.
Shares in Glencore rose more than 5% on the news, and elsewhere in the mining sector Anglo American climbed 3.6% while BHP Billiton added 2.7%. Shares in Glencore jumped more than 10% on the news, and other miners also gained with Anglo American up 6.3%.
Mining shares have been under pressure for some time because of declining commodity prices, but Glencore's action sent zinc prices up 6%.Mining shares have been under pressure for some time because of declining commodity prices, but Glencore's action sent zinc prices up 6%.
The FTSE 100 index was up 38.12 points at 6,412.94. The FTSE 100 index was up 67.35 points, or 1.1%, at 6,442.17.
Sentiment on the market was also lifted by the minutes of the US Federal Reserve's latest meeting, which analysts interpreted as indicating the US central bank is not in a hurry to raise rates. Sentiment among investors had been helped by the minutes of the US Federal Reserve's latest meeting, which analysts interpreted as indicating the US central bank is not in a hurry to raise rates.
The Fed minutes revealed it believed that the US economy could have coped with an interest rate rise at its September meeting.The Fed minutes revealed it believed that the US economy could have coped with an interest rate rise at its September meeting.
However, it decided it was "prudent to wait" for more information before raising rates from near zero.However, it decided it was "prudent to wait" for more information before raising rates from near zero.
Shares in Lloyds rose 0.5% to 76.64p. The UK government announced on Friday it had sold another 1% stake in Lloyds Banking Group, taking its stake in the bank to below 11%. Shares in Lloyds rose 1.3% to 77.25p. The UK government announced on Friday it had sold another 1% stake in Lloyds Banking Group, taking its stake in the bank to below 11%.
On the currency markets, the pound rose 0.13% against the dollar to $1.5367 but dipped 0.14% against the euro to €1.3593. On the currency markets, the pound weakened after the release of data showing a sharp fall in construction output during August and a wider than expected trade deficit.
Against the dollar, the pound was 0.06% lower at $1.5338 and it fell 0.7% against the euro to €1.3516.