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FTSE 100 surges as mining stocks recover | |
(about 4 hours later) | |
(Noon): The market climbed strongly, with mining and energy-related shares leading the way after prices of metals rose and oil prices stabilised. | |
Shortly after midday, the benchmark FTSE 100 index was up 132.82 points, or 2.2%, at 6,215.92. | |
Among the mining sector, shares in Anglo American jumped nearly 8% while BHP Billiton was 6.4% higher. | |
Higher oil prices helped energy stocks, with BG Group up 6.4% and BP climbing 3.7%. | |
Outside the FTSE 100, shares in video games retailer Game Digital plunged nearly 40% after the company warned of lower profits. | Outside the FTSE 100, shares in video games retailer Game Digital plunged nearly 40% after the company warned of lower profits. |
It said half-year underlying earnings would be £30m, down from £43m last year, after being hit by weaker-than-expected sales of new games formats. | It said half-year underlying earnings would be £30m, down from £43m last year, after being hit by weaker-than-expected sales of new games formats. |
On the currency markets, the pound was higher, despite news that the UK's economy grew by less than previously estimated in the second and third quarters of the year. | |
Sterling rose more than half a cent against the dollar to $1.4892 and was up by nearly one cent against the euro at €1.3625. |