Rally in metals boost UK mining index to four-month high
Reuters
Published Mar 04, 2016 08:45
Rally in metals boost UK mining index to four-month high
LONDON (Reuters) - The FTSE 350 Mining index (FTNMX1770) climbed to a four-month high on Friday, with a rally in prices of major industrial metals boosting shares in companies such as Glencore (L:GLEN), Anglo American (L:AAL) and BHP Billiton (L:BLT).
The sector derived strength from metals prices, with copper staying on track for its biggest weekly advance in about six months on signs of a bottoming in a recent slide in oil prices.
Prospects of a stronger U.S. economy also fuelled investor appetite for metals. [MET/L]
Shares in Glencore, Anglo American, BHP Billiton, Antofagasta (L:ANTO) and Rio Tinto (L:RIO) rose 2-4.2 percent, helping the UK mining index to advance more than 3 percent on Friday, and taking this year's total gains to 25 percent.
The STOXX Europe 600 Basic Resources index (SXPP) was also up 1.9 percent after setting a three-month high.
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Written By: Reuters
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