Mining prospects encourage FTSE growth

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...