Business

FTSE 100 ahead after rally in mining stocks

Market trader (file picture) Image copyright Getty Images

(Close): An early morning FTSE 100 rally was revived in afternoon trading, as the market closed ahead.

At close, the FTSE 100 index was up 25.63 points, or 0.42%, at 6201.12, after a strong performance from mining shares.

Mining companies were boosted by rising commodity prices, which were helped by the weakening of the US dollar.

The dollar weakened following the latest comments from the US Federal Reserve.

The US central bank kept interest rates unchanged, but also indicated that it expected fewer rate rises this year than previously forecast.

Among the commodities, copper prices hit a four-month high while Brent crude oil rose above $41 a barrel at one point.

In the mining sector, shares in Anglo American and Glencore both jumped by more than 9%, as did Fresnillo.

Shares in pharmaceuticals giant GlaxoSmithKline were down by 1%. The company announced on Thursday that its chief executive, Sir Andrew Witty, would be stepping down in March next year.

On the currency markets, the pound rose more than two cents against the dollar to $1.4487, and was up 0.67% against the euro at €1.2796.