Commodity metal prices continued to climb today, to the benefit of mining stocks and the FTSE 100 index as a result.
The UK’s benchmark index closed the day up 12 points or 0.2% to 5374.5, led by mining companies BHP Billiton and Rio Tinto as both firms mine copper, and this precious commodity has seen its spot value rise for a sixth straight session.
BHP Billiton earned 14.5p or 1.8% to 840p and Rio Tinto rose 50p or 2.2%, to £22.84 while mining rivals Antofagasta and Xstrata gained on the back of it, adding 41p to £15.05 and 36p to £14.30 respectively.
BP, the largest oil company in Europe, rose 9p or 1.5% to 631p as it is expected the price of oil will now rebound on increased demand.
Marks & Spencer Group has also had a strong day and risen 8.75p or 2.3% to 384p, although that could all change tomorrow as chief executive is expected to deliver a statement about sales.
Reuters Group Plc rose 8.25% or 2.3% to 374.25 after receiving a positive stock ratings report Credit Suisse First Boston.
And WPP Group, the world's second-largest advertising company, gained 13p or 2.3% to 569.5p following a ratings upgrade.
The Dow Jones is currently up 8.4 points or 0.08% to 10.300.7 while the Nasdaq Composite index has lost 3.55 points or 0.17% to 2,086.8 and the S&P 500 index is down 3.8 points or 0.32% to 1.192.IFAonline
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