FTSE creeps higher as miners dig deep after price recovery - London Report

BRITAIN’S top share index edged slightly higher yesterday, with miners gaining ground follow­ing a recovery in prices of key industrial metals such as copper and aluminium.

The blue chip FTSE 100 index, which climbed to its highest level since mid-September on Tuesday, closed 0.2 per cent higher at 6,825.94 points.

The UK mining index rose 0.8 per cent to feature among the top sectoral gainers after copper prices rose 1.5 per cent and nickel advanced 1.7 per cent in the wake of recent declines.

Miners Rio Tinto, BHP Billiton and Anglo American rose 0.4 per cent to 2.3 per cent.

Among individual stocks, brewer SABMiller rose 4.6 per cent, the top gainer in the index, with traders saying the stock had become attractive on valuation grounds following its recent underperformance against its peers.

But retailer Morrisons fell 6.2 per cent, the biggest decline in the FTSE 100 index, with traders citing a Bernstein note as the main reason for the stock’s weakness.