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 of takeover talks.
As a result, Abbey National closed up 9.5p or 2.1% to 462p while Egg gained 8p or 5.2% to 163p.
St. James's Place Capital also made gains after reporting a 39% increase in Q1 business to £43.7m, pushing its share price up 3p to 183p by close of play in London.
And Vodafone gained 2.5p to 139.5p after revealing the firm had started offering third-generation mobile services in Germany and Portugal.In the US, stocks are struggling to make any leeway at present, as two of the three main indices are down.The Nasdaq remains flat at 1,938.8 while the Dow Jones index is down 0.26% to 10.287 and the S&P 500 index is off 0.19% to 1,115. IFAonline
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