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FTSE 100 up as mining stocks surge | |
(about 2 hours later) | |
London's leading shares were higher by mid-morning on Friday, with mining stocks reversing earlier falls to notch up a second day of gains. | |
Anglo American, which had been Thursday's biggest riser on the FTSE 100 with a near 20% gain, repeated the trick by adding another 11.5%. | |
Mining firms have surged because of a weak US dollar, which makes commodities more affordable in other currencies. | |
Overall, the FTSE 100 index was up by 32.88 points or 0.56% at 5,931.64. | |
On the commodities markets, Brent crude was up 0.4% at $34.60 a barrel, while US light crude was 0.9% higher at $31.99. | |
Oil prices have fallen more than 70% since mid-2014, hit by the slowing global economy, the strong US dollar and oversupply. | Oil prices have fallen more than 70% since mid-2014, hit by the slowing global economy, the strong US dollar and oversupply. |
On the currency markets, the pound was down 0.45% against the dollar at $1.4525 and was 0.18% lower against the euro at €1.2986. |