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FTSE 100 up as mining stocks surge

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FTSE 100 up as mining stocks surge
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London’s leading shares were higher by lunchtime on Friday, with mining stocks reversing earlier falls to notch up a second day of gains.

Anglo American, which had been Thursday’s biggest riser on the FTSE 100 with a near 20% gain, repeated the trick by adding another 9.4%.

Mining firms have surged because of a weak US dollar, which makes commodities more affordable in other currencies.

Overall, the FTSE 100 index was up by 28.07 points or 0.48% at 5,926.83.

On the commodities markets, Brent crude was up 0.7% at $34.70 a barrel, while US light crude was 0.8% higher at $31.98.

Oil prices have fallen more than 70% since mid-2014, hit by the slowing global economy, the strong US dollar and oversupply.

On the currency markets, the pound was down 0.41% against the dollar at $1.4530 and was 0.25% lower against the euro at €1.2976.

BBC

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