Mining stocks force behind FTSE rally
Mining stocks powered the latest rally for London’s FTSE 100 Index today after investors were cheered by economic news in the United States.
With figures on durable goods orders boosting optimism over the world’s biggest economy, the FTSE 100 Index was able to build on its best start to a year in more than two decades by rising another 12.5 points to 6307.
Copper miner Kazakhmys was among the biggest risers with a gain of 7.5p to 752.5p, while Anglo American was 26.5p higher at 1899p.
Some other heavyweight stocks were helping to boost the top flight, with Vodafone up 1.55p at 172.65p and GlaxoSmithKline ahead 13.25p to 1432.5p.
Royal Bank of Scotland was 9.35p lower at 358.45p after it was reported that it is under pressure to settle Libor-rigging allegations by pleading guilty to criminal charges in the US in addition to a £500 million penalty. RBS was also impacted by Goldman Sachs’ downgrading of the stock to sell yesterday.
In corporate updates, bookmaker William Hill set the pace in the FTSE 250 Index after it said a strong finish to the year meant 2012 operating profits should be up by 20% on a year earlier. Shares rose 4%, up 15.3p to 381.65p.
Floor coverings retailer Carpetright was also doing well as it maintained its recovery in the UK with a 3.2% rise in like-for-like sales for the 13 weeks to January 26. Shares were 9.75p higher at 692.75p.
