UK mining index surges

London – Britain’s FTSE 350 Mining index climbed to a four-month high on Friday, with a rally in prices of major industrial metals boosting shares in companies such as Glencore, Anglo American and BHP Billiton.

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 US economy also fuelled investor appetite for metals.

Shares in Glencore, Anglo American, BHP Billiton, Antofagasta and Rio Tinto 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 was also up 1.9 percent after setting a three-month high.

Advertisements