Mining companies boost FTSE
Mining companies led the FTSE 100 Index back above the 6000 mark as investors cheered strong annual results from the copper specialist Kazakhmys today.
Positive figures from Boots and a further bout of takeover speculation involving banking group Alliance & Leicester also boosted the market as the Footsie reached mid-morning 42.4 points higher at 6001.6.
The London Stock Exchange took some of the shine off the session as the second-tier stock lost some of its bid premium following the announcement from New York-based Nasdaq that it was no longer interested in bidding for the bourse.
In the top flight, Kazakhmys led a clutch of miners after it posted a 53.2% increase in full-year pre-tax profits to £487.5m (€702.3m).
The newcomer to the FTSE 100 Index jumped 7%, or 66.5p to 1020p, while Antofagasta added 63p to 2121p and Xstrata rose 50p to 1854p.
The miners were joined on the risers board by Boots following its surprise 2.2% rise in like-for-like sales for the fourth quarter.
That lifted shares by 23p to 735.5p – a gain of 3% – while merger partner Alliance UniChem also benefited with a rise of 21.5p to 922.5p.
For Alliance & Leicester, shares were at another record high as takeover speculation centred on a report of an informal approach from Credit Agricole, although Spanish bank Santander is also thought to be in the frame – lifting A&L shares by 40p to 1230p.
Another of the market’s favoured bid targets, Royal Bank of Scotland, continued to attract buying interest with a rise of 42p to 1894p.
In the second tier, the LSE fell 96p to 1024p, a drop of almost 9%, while IT company Misys dipped 12.25p to 222.25p – a decline of 5% – following its decision to keep hold of its financial support service arm Sesame.
