With the news of UK springing back from double-dip recession, Britain’s stock market also bounced back from two-week lows today. The FTSE 100 rose 36 points higher at 5,840.57, marking a rise of 0.6%.
The rise in FTSE 100 was supported by UK mining index, which rose 1 per cent as demand for metals in China improved. Miner Anglo American rose 1.7 percent higher after posting increased production volumes in five of its seven key commodities. Mining stocks were lifted by stronger commodity prices like gold and platinum.
Fresnillo PLC UK rose 2.54% more than 3% after the miner approved a feasibility study to develop a $500 million San Julian silver project. BHP Billiton, Rio Tinto and Xstrata were among the other gainers today.
Unilever share price rose 3.2 per cent at £23.38. The consumer products maker recorded 5.9 percent rise in underlying sales in the third quarter, making is the best single gainer today.
Haling Unilever’s performance, Chief Executive Officer Paul Polman said it was achieved in spite of a “continued high level of competitive intensity, depressed economies and increasing global imbalances and uncertainty.”
With banks in demand after confirmation that the double-dip recession was over, Royal Bank of Scotland went 1.8 percent higher at 283.7p. Barclays rose 3.45p to 233.35p and Lloyds Banking Group went up 0.7p to 41.2p.
World’s largest advertising group, WPP, fell 3.7 percent, making it the biggest single biggest faller on the FTSE 100 today. After cutting its full-year outlook for the second time in two months, WPP now expects full-year like-for-like revenue growth of 2.5-3.0 percent.
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