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Mining shares lead FTSE 100 higher FTSE 100 higher as mining rally continues
(about 3 hours later)
(Open): Mining companies led the FTSE 100 higher, with the index up 20.6 points at 6,150.9. (Noon): Mining companies helped to pull the London market higher as the recent rally in commodity prices continued.
Glencore was the top riser, adding 4.8% to 149.8p, with Anglo American, Antofagasta and BHP Billiton all up between 3% and 4%. By midday, the FTSE 100 was up 59.74 points, almost 1%, at 6,190.20.
Mining firms dominated the leaders' board, with Antofagasta up more than 7%, and BHP Billiton, Glencore and Anglo American all more than 5% higher.
The mining sector has been helped by a rally in the price of metals, with the copper price on track for its biggest weekly rise in six months.The mining sector has been helped by a rally in the price of metals, with the copper price on track for its biggest weekly rise in six months.
Fund manager Schroders shed 2.9% to £26.57, making it the biggest faller. The price of oil continued to edge higher. Brent crude added 19 cents to $37.26 a barrel, while US crude rose 13 cents to $34.70 a barrel.
On Thursday, it said that chief executive Michael Dobson would become chairman, in a move that contravened UK corporate governance guidelines. Cuts in US oil production were helping prices, said Ben Le Brun, market analyst at OptionsXpress in Sydney, but investors were awaiting February US unemployment figures at 13:30 GMT for further direction.
Costa coffee owner Whitbread fell a further 1.7% to £37.35 after Thursday's 6.2% slide after revealing a weak fourth quarter.
On the FTSE 250, Cineworld was the biggest faller, down 5.3% at 504p.
Brent crude was flat on Friday at $37.04 a barrel, while US crude rose 5 cents to $34.62 a barrel.
Cuts in US oil production were helping prices, said Ben Le Brun, market analyst at OptionsXpress in Sydney, but investors were awaiting February US unemployment figures at 1330 GMT for further direction.
"A lot of traders are keeping their powder dry in front of non-farm payroll data," he said."A lot of traders are keeping their powder dry in front of non-farm payroll data," he said.
Connor Campbell at Spreadex said: "With an empty economic calendar the FTSE faces a long morning before the US spices things up with the latest jobs figures, meaning any significant movements in the oil price could nip the index's nascent gains in the bud." Costa coffee owner Whitbread fell a further 1.9% to £37.29, following a 6.2% slide on Thursday after the company revealed a weak fourth quarter.
The pound fell 0.3% against the dollar to $1.4135 and fell 0.1% against the euro to €1.2922. On the FTSE 250, Cineworld was the biggest faller, down 4.8% at 506.5p, after UBS gave its shares a "sell" rating.
On the currency markets, the pound fell 0.2% against the dollar to $1.4151 and dropped 0.4% against the euro to €1.2885.