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UK shares up more than 1% in midday trading London share prices end Tuesday higher
(about 5 hours later)
(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. (Close) London shares closed higher with the FTSE 100 index ending the day 42 points up at 6,820, a rise of 0.6%.
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%. The biggest gainers were Anglo-American, up 7.6%; Glencore, up 5.3%; and BHP Billiton, up 4.9%.
Shares in Babcock International were the biggest faller, down more than 6%, despite a rise in half-year profits. They were boosted by the continuing post-US election rally in international mining shares.
And shares in the catering group Compass dropped 4%. The biggest fallers were the contract catering firm Compass, down 4.7%, and the engineering group Babcock, down 4.6%.
It had reported slightly slower-than-expected revenue growth. "The crude oil price rally shows no signs of letting up... while continued optimism that President-elect Trump will implement an infrastructure-based fiscal stimulus behemoth is helping metals, and subsequently miners, to also rally," said Henry Croft, research analyst at trading firm Accendo Markets.
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. Compass had reported slightly slower-than-expected revenue growth.
In the FTSE 250, shares in Peppa Pig owner Entertainment One were the biggest faller, dropping 11% during the morning. The firm said its 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.
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. In the FTSE 250, shares in Peppa Pig owner Entertainment One were the biggest faller, dropping nearly 13%.
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. The TV and film production company had reported the departure of its finance head Giles Willits and said that its 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 0.6% against the dollar to $1.242, and fell 0.4% against the euro to €1.17.