Business

FTSE 100 bolstered by mining shares but housebuilders hit

Market trader (file picture) Image copyright Getty Images

(Close): The market recovered from early losses, boosted by mining and commodities shares.

After falling at the open, the FTSE 100 ended up 4.29 points, or 0.07%, at 6,200.12.

Hopes of economic stimulus measures in China sent miners higher, with Anglo American up 6.93% and Glencore 3.4% up.

Housebuilders were the big fallers, on concerns about a market slowdown, especially in London. Berkeley, Taylor Wimpey and Persimmon fell more than 3%.

Tesco closed up 1.55%. The supermarket reports results on Wednesday.

Banking shares were trading higher. Standard Chartered was up 0.99% - having been more than 2% ahead - with the Bloomberg news agency reporting that the bank is aiming to sell at least $4.4bn of assets in Asia.

Banks were also helped by expectations that their peers in Italy could be restructured. Italian bank shares surged.

Shares in Next fell 1% after Exane cut its price target for the stock and warned 25% of the retailer's profitability could be at risk in the future.

Shares in Daily Mail and General Trust were down 0.65% after the firm said it was in talks with potential bidders about a possible offer for Yahoo.

On the currency markets, the pound jumped 0.78% against the dollar to $1.4236 and was also up 0.66% against the euro at €1.2478.