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FTSE 100 bolstered as miners rebound | FTSE 100 bolstered as miners rebound |
(about 3 hours later) | |
(Close): The London market recovered from early losses as commodity-related shares rebounded. | |
After spending most of the morning in negative territory, the FTSE 100 index closed up 16.99 points at 6,301.52. | |
Rising copper prices lifted mining shares, with Glencore up 4.07%. | |
Royal Dutch Shell rose 2.6% as oil prices continued to climb, hitting eight-month highs. The price of Brent crude hit $52.20 per barrel. | |
Shares in Sainsbury's finished up 1.58% after the UK's second-largest supermarket group issued its first-quarter trading update. | |
Like-for-like sales dropped 0.8% in the 12 weeks to 4 June, but this was not as bad as analysts had feared. | Like-for-like sales dropped 0.8% in the 12 weeks to 4 June, but this was not as bad as analysts had feared. |
Shares in UK's largest supermarket, Tesco, were up 2.39%. | |
Sky News reported that the retail giant is likely to announce the sale of its Turkish business Kipa and the UK restaurant chain Giraffe this week. | Sky News reported that the retail giant is likely to announce the sale of its Turkish business Kipa and the UK restaurant chain Giraffe this week. |
Shares in AO World, the online retailer specialising in household appliances such as washing machines and fridges, fell 5.27% after the company reported deepening losses. | |
Full-year pre-tax losses were £6.7m, compared with £2.9m last year. The company also announced it had appointed Geoff Cooper, currently at Card Factory, as its new chairman. | Full-year pre-tax losses were £6.7m, compared with £2.9m last year. The company also announced it had appointed Geoff Cooper, currently at Card Factory, as its new chairman. |
On the currency markets, the pound rose 0.06% against the dollar to $1.4554, but fell 0.28% against the euro to €1.2766. |