Miners and robust US results help to lift FTSE off slump - London Report

A RISE in major mining stocks, yesterday coupled with solid US corporate results, enabled Bri­tain’s top equity index to rise off 15-month lows.

The FTSE 100 index had been pegged back near those lows for much of the day, but then rose after the US stock market was boosted by robust results from Citigroup and John­son & Johnson. The late rally helped the FTSE to close up by 0.4 per cent, or 26.44 points, at 6,392.68 points.

Mining shares continued to rise after reasonable Chinese trade data on Mon­day, with Rio Tinto up 2.38 per cent to 3,163.50p and Anglo American adding 2.52 per cent to 1,423p.

British Airways and Iberia owner In­ter­national Airlines Group shook off fears about the spread of Ebola and was boosted by falling oil prices. Its shares climbed 4.78 per cent to 339.60p, making it the biggest riser in the FTSE 100.

Burberry fell 3.65 per cent to 1,425p after the luxury goods group said markets were getting tougher despite a rise in first half sales. Handbag maker Mul­berry slumped 10.06 per cent to 675p after its latest profit warning.