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Mining shares pull FTSE 100 higher UK shares up more than 1% in midday trading
(about 3 hours later)
Mining companies are driving the UK market higher after getting a boost from rising metal prices. (Midday) The FTSE 100 index was up just over 1% by midday, rising by 69 points to 6,847, the biggest one-day move for nearly two weeks.
In early trade, the benchmark FTSE 100 share index was up 62.18 points at 6,840.14. The post-US election rally in mining shares continued with Anglo-American up 4.9%; Glencore up 4.3%; and BHP Billiton up 3.9%.
A 2% rise in copper prices boosted mining shares, with Anglo American up 5.3% while BHP Billiton rose 4.3%. Shares in Babcock International were the biggest faller, down more than 6%, despite a rise in half-year profits.
Shares in catering group Compass were the biggest faller, dropping 3% after the firm reported slightly slower-than-expected revenue growth. And shares in the catering group Compass dropped 4%.
The firm said underlying revenue at constant currencies grew 5% to £19.9bn in the year to the end of September, compared to expectations of 5.2% revenue growth. It had reported slightly slower-than-expected revenue growth.
In the FTSE 250, shares in Peppa Pig owner Entertainment One were the biggest faller. The TV and film production company reported the departure of its finance head Giles Willits and said that pre-tax profit for the first half had plunged 80% due to higher cost of sales and administrative expenses. The firm said underlying revenue at constant currencies grew 5% to £19.9bn in the year to the end of September, compared with expectations of 5.2% revenue growth.
Its shares dropped more than 6%. In the FTSE 250, shares in Peppa Pig owner Entertainment One were the biggest faller, dropping 11% during the morning.
On the currency markets, the pound was flat against the dollar to $1.2485, and fell 0.2% against the euro to €1.1733. The TV and film production company reported the departure of its finance head Giles Willits and said that pre-tax profit for the first half had plunged 80% due to higher cost of sales and administrative expenses.
On the currency markets, the pound was down slightly against the dollar to $1.245, and fell 0.4% against the euro to €1.171.