Mining stocks lift FTSE to modest gains

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FTSE 100 Index

Last Updated at 21 Nov 2017, 16:21 GMT *Chart shows local time FTSE 100 intraday chart
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1343.00 p +

Babcock International Group

703.50 p -
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Trader in London Image copyright Getty Images

(Close): After a mixed day, the FTSE 100 share index was up by 10.96 points, or 0.16%, at 7,075.26.

The CPI inflation rate remained at its record low of zero last month.

After the CPI announcement the pound fell against the dollar on the news, dropping to $1.4611 at one point, before recovering to $1.4777.

The lack of inflation suggests any rate rise by the Bank of England remains some way off. Most analysts do not expect a rise until 2016.

Against the euro, sterling was down 0.31% at €1.3845.

Mining shares helped to lift the market as they staged a modest rebound following falls on Monday.

Anglo American was a major riser on the index, climbing 3.99%, while Rio Tinto was 2.79% higher.

BHP Billiton, Antofagasta, and Glencore were also major gainers.

Barclays was up by more than 1%, with traders pointing to a Credit Suisse note saying Barclays was its second-favourite European investment banking stock after UBS.

Shares in Aberdeen Asset Management fell 2.65% after investment bank RBC lowered its rating on the company to "underperform" from "sector perform".

Outside the FTSE 100, shares in Poundland rose 0.90% after the discount retailer reported annual revenues had topped £1bn for the first time.