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Oil and mining stocks lift FTSE Oil and mining stocks lift FTSE
(about 3 hours later)
(Open): Rising oil and metals prices boosted commodity-related stocks, helping to pull the market higher. (Noon): Rising oil and metals prices boosted commodity-related stocks, helping to pull the market higher.
The FTSE 100 rose 51.13 points to 6,879.24 with Tullow Oil leading the way, up 3.5% as the price of Brent crude rose above $60 a barrel. The FTSE 100 rose 41.23 points to 6,869.34 with Tullow Oil leading the way, up 4.7% as the price of Brent crude rose above $60 a barrel.
Rising metals prices also helped shares in mining companies, with BHP Billiton up 3.4% and Glencore 2.7% higher. Rising commodity prices also helped mining shares, with BHP Billiton up 4% and Glencore 4.1% higher.
Anglo American shares rose 2.6% despite it reporting a 25% drop in underlying annual operating profit to $4.9bn. Anglo American shares rose 3.5% despite it reporting a 25% drop in underlying annual operating profit to $4.9bn.
The mining company also took a $3.9bn asset write-down as a result of lower commodity prices. The mining company also took a $3.9bn asset write-down as a result of lower commodity prices last year.
Shares in Rolls-Royce fell at first, but then recovered to stand up 0.1%. The engineering group is forecasting underlying profits of £1.4bn-£1.55bn this year, down from £1.62bn in 2014. Sentiment on the market was also lifted by news of stronger-than-expected growth in Germany during the last three months of 2014.
On the currency markets, the pound was flat against the dollar at $1.5385 while against the euro it fell 0.2% to €1.3464. The German economy - the largest in the eurozone - grew by 0.7% in the fourth quarter, while the eurozone as a whole expanded by 0.3%.
Shares in Rolls-Royce were down 0.7% after the engineering group cut its profit forecast for 2015. Rolls is now forecasting profits of £1.4bn-£1.55bn this year, down from underlying profits of £1.62bn in 2014.
BT Group fell 2.2% after rival Virgin Media announced plans to invest £3bn in improving its fibre optic broadband network, increasing the network's reach from 13 million to 17 million homes.
On the currency markets, the pound was flat against the dollar at $1.5384 while against the euro it fell 0.13% to €1.3474.