Business

FTSE 100 buoyed by mining stocks

London stock brokers (file photo) Image copyright AFP

(Close): London's leading shares rose sharply on Thursday, with mining stocks leading the rally.

By the close, the benchmark FTSE 100 index was up by 61.62 points or 1.06% at 5,898.76.

Anglo American was the biggest riser on the FTSE 100, gaining nearly 20%, while BHP Billiton added 10.8%.

Royal Dutch Shell was up 6.7%, despite announcing its steepest fall in annual profits for 13 years and confirming 10,000 job cuts.

On the commodities markets, Brent crude was down 1.1% at $34.64 a barrel, while US light crude was up 0.4% at $32.16.

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 0.18% against the dollar at $1.4576 and was 0.89% lower against the euro at €1.3024.