It was oil prices earlier today which kept the FTSE afloat, but by the end of Monday's trading, the tide had turned towards the prospects for coal and mineral prices.
The FTSE 100 index eventually closed up 48.7 points or 1.13% to 4,350 thanks to gains for BP, Shell Transport & Trading earlier in the day on the back of a record oil price. Later in the day, however, Libya announced it would finally beginning exporting its oil, bringing the price down a fraction and allowing the major mining firms to ride on the back of climbing coal pricing. Anglo American leapt 47p or 3.93% to £12.44 while BHP Billiton, the world's largest mining company rose 14.75p or 2.9% to 523.25p thanks to an increased earnings forecast for 2006 to match rising coal prices. Ri...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
