FTSE 100 jumps as mining stocks climb – BBC News

This post was originally published on this site

FTSE 100 jumps as mining stocks climb

Market trader (file picture)Image copyright
PA

(Open): London’s main share index enjoyed a strong start to the day, as commodity-related stocks were lifted by rising oil prices.

In early trade the FTSE 100 index rose 55.48 points, or 0.9%, to 6,241.09.

The biggest risers were mostly mining companies, with Glencore up 2.5% and Anglo American 2% higher.

BP rose 2.2% as price of oil climbed back above the $50-a-barrel mark. Prices rose despite Opec failing to agree an output cap on Thursday.

BP has also announced that it will pay $175m (£121m) to settle a claim from shareholders that the oil giant had misled them over the magnitude of the 2010 Gulf of Mexico oil spill.

Shares in Marks and Spencer fell 1.7% after JP Morgan cut its rating on the retailer to “underweight” from “neutral”.

On the currency markets, the pound edged up 0.1% against the dollar to $1.4437, and was also 0.1% higher against the euro at €1.2944.