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FTSE 100 closes higher as miners gain | |
(about 5 hours later) | |
(Close): London's leading shares closed higher on Monday, with mining stocks bolstering the City's benchmark index. | |
Thethe FTSE 100 closed up 0.75%, or 53 points, at 7,097.50. | |
BHP Billiton and Vedanta Resources were among the top gainers, adding 2.8% and 4%. | |
Mining firms have benefited from the fall in the pound since the Brexit vote, since they generate most of their revenues abroad. A weaker pound boosts overseas revenues in sterling terms. | Mining firms have benefited from the fall in the pound since the Brexit vote, since they generate most of their revenues abroad. A weaker pound boosts overseas revenues in sterling terms. |
The pound continued to drop against the dollar, falling 0.3% to $1.23950. It also fell 0.07% against the euro to €1.1100. | |
The pound declined in value all last week, with traders nervous about how the UK's talks with the EU over leaving the bloc will progress. | The pound declined in value all last week, with traders nervous about how the UK's talks with the EU over leaving the bloc will progress. |
One of the biggest gainers on the FTSE 100 was Rolls-Royce, which added 1.3% on the strength of a broker upgrade. | |
Firms in the construction sector were the biggest losers, with Travis Perkins, Persimmon and Taylor Wimpey shedding 2.6%, 3%% and 2.6% respectively. |