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FTSE 100 touches 13-month high FTSE nudged higher by mining and banking shares
(about 5 hours later)
(Noon): The FTSE 100 hit its highest level for more than 13 months before falling back, with banks and mining companies lifting the index. (Close): The FTSE 100 closed 16 points higher at 6,809.
At one point in morning trade, the benchmark index hit 6,829.47 - its highest level since 25 June last year. Earlier in the morning the index touched its highest level for more than 13 months, at 6,828, before falling back.
However, the FTSE then lost momentum, and shortly before midday it was just 1.84 points higher at 6,795.31. Mining stocks were boosted by rising iron ore prices, with shares in BHP Billiton up 34p to 1,048p, while Antofagasta 17p higher at 531p.
Barclays was one of the strongest performers on the index, rising 3% to 156.55p following a broker upgrade. Among the leading UK banks, RBS shares rose 7p to 185p while Barclays rose 5p to 158p.
Exane BNP Paribas lifted its rating on Barclays to "outperform" from "neutral". On the currency markets, the pound was down very slightly against the dollar at $1.304, and was also down against the euro by just 0.1% at €1.177.
Mining stocks were boosted by rising iron ore prices. Shares in BHP Billiton rose 3.5% while Anglo American climbed 2.7%.
On the currency markets, the pound was unchanged against the dollar at $1.3066, and was also flat against the euro at €1.1787.