Stock market trading recovered well after the bank holiday downturn as news from the mining sector suggests Chinese interest in iron ore is not abating after all.
Only last week, all the big named mining companies – Anglo American, BHP Billiton, Rio Tinto and Xstrata – suffered when it was suggested by potential capacity was not strong as initially hoped. That situation has now swung thanks to an announcement from Rio Tinto, which today helped the FTSE 100 to close 57.5 points or 1.3% to 4547. As a result, Anglo American closed up 3.5% to £11.75 while BHP climbed 3.4% to 466p, Rio Tinto rose 32p or 2.6% to £12.69 and Xstrata gained 18p to 652.5p. Elsewhere in the UK market, banking firms Abbey National and Egg were both under the spotlight o...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes