The FTSE 100 index is finally making gains for the first time in a week, as a report from the Office of National Statistics suggests the economy has grown faster than expected.
Mining and oil firms are leading gains and the FTSE 100 index is up 16.7 points or 0.3% to 5272.4, pulling back some of the week’s losses which have seen the FTSE fall 0.7% in five days.
The economy is said to have expanded 0.5% in the three months through June, according to the ONS.
BHP Billiton has seen its share value rise 6p or 0.7% to 822p while rival Rio Tinto has risen 17p or 0.9% to £19.78.
Oil giant BP is up 4p or 0.7% to 622 while Royal Dutch Shell has added 12p or 0.7% to £17.74.
Corus has also recouped some of its losses earlier in the week as its share price is up 1p or 2.3% to 45p.
In Asia, stocks made gains after Australian insurer Suncorp-Metway and Asian developer Cheung Kong posted higher earnings, suggesting record oil prices will not affect profit growth as much as anticipated.
The Japanese Nikkei 225 index earned 0.3% to 12,439.48 by 3pm close of business in Tokyo.
In Hong Kong, developer Cheung Kong rose 3.3% to HK$83.80 as the company yesterday announced, after close of business first-half profit surged 52% from a year earlier, on the back of earnings from home sales and higher profit at unit Hutchison Whampoa Ltd.
And in the US yesterday, all three main indices made minor gains.The Dow Jones added 15.7 points or 0.15% to 10.450 while the Nasdaq Composite index earned almost 5.5 points or 0.26% to 2,134 and the S&P 500 index rose 2.8 points or 0.23% to 1.212.4 IFAonline
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