Copper and gold lift helps FTSE dazzle

Market report By Emma Newlands

The FTSE 100 ended in positive territory as miners led London’s top-flight higher.

The blue-chip index closed up 26.57 points at 7,712.37, propped up by the likes of Rio Tinto and Anglo American, who booked gains off the back of higher copper and oil prices.

In stocks, shares in packaging giant Smurfit Kappa ended the day up 16p at 2,936p after suitor International Paper scrapped plans for an €8.9 billion (£7.8bn) takeover offer for the firm.

Smurfit had rebuffed the proposed bid, saying it failed to reflect its true value, with the board adding that it believes the company has “superior prospects as a standalone business”.

The pound was up marginally against the dollar at 1.341 but sterling faltered versus the euro, dipping 0.4 per cent to 1.138.

Michael Hewson, chief market analyst at CMC Markets, said: “The pound had a decent day after a better-than-expected services PMI number for May showed a significant improvement in economic activity, reinforcing the belief that the slowdown seen in March was no more than a cold weather-related blip.”

However, Hewson added that Brexit jitters are still weighing on the currency. “Some of the strength in sterling is being constrained by tensions over the upcoming vote on various Brexit bill amendments which are due to be debated next week in Parliament.”

The biggest risers on the FTSE 100 included Rio Tinto, up 143.5p at 4,492p and Anglo American, up 55.8 at 1,914.6p.

The biggest fallers include United Utilities, down 15.2p at 771.2p and Imperial Brands, down 51.5p at 2,632p. Shares in the high street retail chain rose after it reported a 4 per cent rise in group sales over the 13 weeks to 2 June, lifted by its travel arm. The plastics firm closed down, with investors fretting over a proposed directive banning use of certain plastic products such as straws.