Financial Planning

FTSE 100 rebounds as miners rally

Financial Planning
Published: 12 February 2018

The FTSE 100 (INDEXFTSE:UKX) bounced back after Fridays 1.1% decline with the commodities stocks leading the rally. The last two weeks have seen the index drop nearly £147bn in value and it is still hovering around a 13-month low.

The blue chip share index rose 1.24%%, down 87 points at 7,180.16 by 11.16 GMT.

The miners led the way in early trading as the dollar edged back from the highs of last week. Anglo American (LON:AAL) shares gained 2.9%, BHP Billiton (LON:BLT) 1.9%, Glencore (LON:GLEN) 3.0% and Rio Tinto (LON:RIO) 2.4%.

The oil majors also gave the index a boost with the price of Brent crude remaining firm at $63.82 a barrel. BP (LON:BP) shares rose 2.2% and Royal Dutch Shell (LON:RDSA) 2.1%.

Steelmaker Evraz (LON:EVR) shares jumped 4.2% on an upgrade from Goldman Sachs to Buy from Neutral.

In the mid-caps, TalkTalk (LON:TALK) recovered some ground, up 3.9%, from last week’s losses following a profit warning and a dividend cut.

Over-50s travel and insurance group Saga (LON:SAGA) shares gained 2.2% as it agreed a quote share deal with New Reinsurance and Hannover Re.

Acacia Mining (LON:ACA) shares plunged 15.0% as the gold miner scrapped its 2017 dividend after a challenging year with a pre-tax loss.

On the currency markets, sterling rose 0.31% against the dollar to $1.3867 and gained 0.18% against the euro to €1.1304.