Mining stocks up after trade relations news

Mining stocks were on the rise yesterday after reports suggested an improvement in relations between the US and China.

Bloomberg reported that the two sides were holding private talks in the hope of averting a trade war, but no agreements had yet been made.

With China being the largest consumer of most commodities in the world, mining stocks were lifted.

Fresnillo, Anglo American and Glencore were among the top risers on the FTSE 100 by the close, rising by 4.2%, 3.2% and 2.9% respectively.

This lifted the index as a whole, which closed 0.62% or 47.91 points higher at 7,748.76.

On the Continent, the Cac 40 in France and the Dax in Germany were up by 0.66% and 0.3%, respectively.

Oil prices were falling following data which showed output in oil-exporting nations hit a high for the year in July. Brent crude was trading 0.89% lower at 74.650.

In currency markets, sterling was weaker, down by 0.1% against the euro at 1.120 and down 0.17% against the dollar at 1.310.

The biggest risers on the FTSE 100 were Fresnillo up 42.2p to 1,039p, Admiral Group up 77.5p to 1,981p, Anglo American up 54.8p to 1,732.8p, and Direct Line Insurance Group up 10.8p to 343.9p.

The biggest fallers were Just Eat down 53.4p to 793p, Smith & Nephew down 37.5p to 1,320.5p, and Micro Focus International down 34.5p to 1,250p.