China rate cut lifts mining shares



Search company or market
Search company or market:
Refresh this page Launch Marketwatch ticker
London | Wall Street | Asia

FTSE 100 Index

Last Updated at 21 Nov 2014, 06:25 ET *Chart shows local time FTSE 100 intraday chart
value change %
6727.13 +
+48.23
+
+0.72

Top winner and loser

Anglo American

1380.00 p +
+86.50
+
+6.69

Imperial Tobacco Group

2885.00 p -
-39.00
-
-1.33
value change %

FTSE 250 Index

15697.81 +
+93.29
+
+0.60

FTSE 350 Index

3655.58 +
+25.53
+
+0.70

FTSE All Share Index

3588.73 +
+24.59
+
+0.69

FTSE Techmark Index

3347.08 +
+19.77
+
+0.59

(Close): China's surprise decision to cut interest rates boosted mining stocks on hopes the move would lift demand for commodities.

Shares in mining firms Anglo American, Rio Tinto and BHP Billiton were all up by more than 5%.

The FTSE 100 was up 71.86 points at 6,750.76, also helped by energy shares after oil prices increased.

Brent crude cost more than $80 a barrel after China's rate cut and on hopes that cartel Opec would cut production.

There was speculation earlier on Friday that Opec members will agree to rein in production when they meet next week.

On the currency markets, the euro fell sharply after European Central Bank head Mario Draghi said the bank was ready "step up the pressure" and take more measures to stimulate the eurozone.

The ECB has already cut its benchmark interest rate to 0.05% and begun some asset purchases, but Mr Draghi said the bank could alter "the size, pace and composition of our purchases".

The pound was up 1% against the euro to €1.2643, and the euro fell 1.14% against the dollar to $1.2397. The pound fell 0.13% against the dollar to $1.5671.

More Business stories

RSS

Features

From BBC Capital

Programmes

  • A computer generated of image of a robotic probe issued by Lunar MissionClick Watch

    Scientists seek crowdfunding to send probe to the Moon, plus other technology news

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.