MARKET REPORT
LONDON’S blue-chip index pushed higher as resources stocks raced ahead on the back of rising commodity prices.
The FTSE 100 Index closed up 20.23 points to 7,531.94, with Anglo American leading the charge after iron ore prices rallied in China due to falling inventories and rising demand.
Shares in Anglo rose more than 3%, or 39.5p to 1,310p, while Glencore climbed 8.8p to 346.6p and Rio Tinto was 91p higher at 3,637p.
Across Europe, Germany’s Dax drifted 0.3% lower while the Cac 40 in France was flat.
In currency, the strong US dollar kept the pound stuck in the red despite positive economic data on UK house prices. Sterling was down 0.2% at 1.302 versus the greenback, with Halifax’s monthly index showing prices rose 0.4% in July, a bounce back from the 0.9% decline recorded in June. The UK currency was also struggling against the euro, down 0.3% at 1.104.
In UK stocks, the stand-out mining giants’ performance offset a dismal day’s trading for betting company Paddy Power Betfair, which slumped to the foot of the market after a top-level shake-up.
The biggest risers on the FTSE 100 Index were Anglo American up 39.5p to 1,310p, Glencore up 8.8p to 346.6p, Rio Tinto up 91p to 3,637p, BHP Billiton up 31p to 1,396p.
The biggest fallers were Paddy Power Betfair down 370p to 7,550p, Pearson down 25p to 630.5p, Mediclinic International down 18.5p to 737.5p, and Merlin Entertainments down 11.2p to 478.2p.