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FTSE 100 up as mining stocks surge FTSE 100 follows Wall Street lower
(about 5 hours later)
(Noon): London's leading shares were higher by lunchtime on Friday, with mining stocks reversing earlier falls to notch up a second day of gains. (Close): London's leading shares lost ground in afternoon trading on Friday, following Wall Street lower after disappointing US jobs figures.
Anglo American, which had been Thursday's biggest riser on the FTSE 100 with a near 20% gain, repeated the trick by adding another 9.4%. The FTSE 100 closed down 50.07 points, or 0.9%, at 5,848.69.
Mining firms have surged because of a weak US dollar, which makes commodities more affordable in other currencies. The fall came despite some big gains in miners, which are benefitting from a weaker US dollar, making commodities more affordable in other currencies.
Overall, the FTSE 100 index was up by 28.07 points or 0.48% at 5,926.83. Anglo American rose another 10.7% after a near-20% gain on Thursday, while Antofagasta was up 3.7%.
On the commodities markets, Brent crude was up 0.7% at $34.70 a barrel, while US light crude was 0.8% higher at $31.98. On the downside, house builders suffered, with Berkeley Group down 5% and Persimmon 3.6% lower.
Oil prices have fallen more than 70% since mid-2014, hit by the slowing global economy, the strong US dollar and oversupply. On the commodities markets, Brent crude was down 0.4% at $34.32 a barrel, while US light crude was 0.4% lower at $31.60.
On the currency markets, the pound was down 0.41% against the dollar at $1.4530 and was 0.25% lower against the euro at €1.2976. Oil prices have fallen more than 70% since mid-2014, hit by the slowing global economy and oversupply.
On the currency markets, the pound was down 0.9% against the dollar at $1.4466 and was 0.2% lower against the euro at €1.2989.