London market up on strong performances from mining firms

The FTSE 100 Index ended yesterday’s session higher on the back of strong performances by mining firms.

Speculation that Chancellor Rishi Sunak will extend the furlough scheme and announce further financial support in today’s Budget announcement also boosted London’s top flight, with the Footsie closing up 25.22 points at 6,613.75.

Sterling made gains against an uneasy US dollar as it was strengthened by optimism in the City about the potential for UK economic recovery.

The pound rose 0.14% versus the greenback, to 1.394, and fell 0.05% against the euro at 1.155.

Investors drank up shares in Virgin Wines after the online retailer, part of Sir Richard Branson’s business empire, joined London Stock Exchange’s AIM index.

The newly floated business saw its stock surge to £2.28 by the end of the session, up from its £1.90 opening price.

Meanwhile, the price of oil inched higher again after Mohammed Barkindo, the secretary general of producers’ cartel Opec, said there had been a major “turnaround” for the commodity.

The price of a barrel of benchmark Brent crude was up by around 0.5% at $63.51, as of shortly after 7pm.