Home | Breaking News | Mining sector lifts FTSE to 11-month highs
A man walks past the London Stock Exchange in the City of London October 11, 2013. REUTERS/Stefan Wermuth

Mining sector lifts FTSE to 11-month highs

WT24 Desk

The FTSE 100 climbed to an 11-month high on Monday, helped by expectations of a cut in interest rates by the Bank of England later this week and a rally in mining companies,Reuters reports.

The internationally-exposed FTSE 100 index was up 0.7 percent at 6,634.55 points by 0706 GMT after rising up to 6,637.19, a level last seen before the summer swoon across global markets last August.

The index is up nearly 5 percent since its close a day before the result of the EU referendum in Britain in late June. In U.S. dollar terms it is down about 9 percent on a slump in sterling.

The domestically-focused mid-cap FTSE 250 rose 1.2 percent. The UK mining index rose 3.2 percent to an 11-month high, helped by a 3.0 to 5.2 percent rise Anglo American, Glencore and Antofagasta.

Analysts expect the BOE to cut rates at its policy meeting on Thursday to offset the economic drag from Britain’s vote to leave the European Union. Governor Mark Carney has already opened the door to easing, including the expansion of its 375 billion-pound bond-buying programme.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

*

%d bloggers like this: