Mining stocks boost FTSE
Mining stocks led the FTSE 100 Index towards the 6000 barrier today – boosted by better-than-expected consumer confidence figures from the US.
Mining shares wobbled earlier this week because of fears over growth prospects, but the sector was firmly on the front foot with gains of almost 4%.
And with the Dow Jones index pushed to its second highest close ever yesterday on the back of a big jump in consumer confidence, positive sentiment spilled across the Atlantic as the Footsie gained 49.1 points to 5922.7 by mid-morning.
Antofagasta led the way with a gain of 15.25p to 448.75p followed by Anglo American – 66p to 2208p – and Vedanta Resources, which added 32p to 1180p.
On a busy day for corporate news, Standard Life’s first results as a public company were given a lukewarm reception.
Shares fell more than 2% after the company said policyholders leaving the firm following the payment of windfall shares had prompted it to increase the amount of money it sets aside to cover policy lapses.
Standard fell 3p to 268.25p while Resolution, which manages life policies and is seen as a potential merger partner, dropped 9p to 606p.
But it was beaten to the top of the fallers board by catering giant Compass with a drop of 9.75p to 266.5p or almost 4% after it reported trading in line with expectations and cautioned it expects to see a lower level of revenue growth in the near term.
Outside the top flight, Comet owner Kesa Electricals fell 10p to 322.75p, even though it posted a half-year profits rise of 62% to £39.3m (€58.55m). The drop came as Kesa said sales growth had been led by lower margin products.
Music group EMI jumped 9.5p to 262p, following a report suggesting the boss of Warner Music Group was lining up a fresh takeover approach.
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