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FTSE 100 boosted by mining companies FTSE 100 boosted by mining companies
(about 5 hours later)
(Noon): Mining shares pulled the FTSE 100 higher, with shares in silver miner Fresnillo leading the way after the price of silver hit a 10-month high. (Close): Mining shares pulled the FTSE 100 higher, with Anglo American leading the way boosted by hopes demand for metals in China will increase.
Shortly before midday the FTSE 100 was 22.95 points higher at 6,376.47. The FTSE 100 closed 51.83 points, or 0.8%, higher at 6,405.35.
Fresnillo shares were up nearly 3%, and among other mining companies BHP Billiton was 2.9% higher while Anglo American climbed 2.7%. Anglo American shares rose 8.5%, with Antofagasta up 7.6% and silver miner Fresnillo up 5.1%, after the price of silver hit a 10-month high.
Commodity-related stocks were supported by a modest rebound in oil prices after Monday's falls. Hopes that China's economy is not slowing as quickly as feared helped to support the sector.
Hopes that China's economy is not slowing as quickly as feared have also helped to support the sector.
"With Chinese data clearly showing tentative signs of a resurgence, there is a feeling that the commodities sector as a whole will begin recover despite ongoing reservations over the crude oil glut," said Joshua Mahony, market analyst at IG."With Chinese data clearly showing tentative signs of a resurgence, there is a feeling that the commodities sector as a whole will begin recover despite ongoing reservations over the crude oil glut," said Joshua Mahony, market analyst at IG.
Shares in Primark owner Associated British Foods rose 1.9% after reporting a small rise in half-year profits.Shares in Primark owner Associated British Foods rose 1.9% after reporting a small rise in half-year profits.
Underlying pre-tax profits rose 4% to £466m for the 24 weeks to 27 February, with sales down 2% to £6.1bn.Underlying pre-tax profits rose 4% to £466m for the 24 weeks to 27 February, with sales down 2% to £6.1bn.
On the currency markets, the pound rose nearly a cent against the dollar to $1.4368, and was up more than half a euro cent against the euro at €1.2676. On the currency markets, the pound rose nearly a cent against the dollar to $1.4384, and was up more than half a euro cent against the euro at €1.2653.