FTSE 100 closes at its highest level in six weeks as Glencore share price soars

Jessica Morris
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Emerging market shares also helped lead Britain's FTSE 100 higher (Source: Getty)

Britain's blue chip index closed up 2.8 per cent to 6,298.92 points today, its highest level since August 20, led by gains from commodities giant Glencore.

Speculation had swirled over whether the Swiss miner would sell some assets to cut its debt, or even consider agreeing to a takeover. Shares in the company closed up 21.05 per cent to 115p per share.

Antofagasta ended 5.5 per cent higher at 537.50p per share, Anglo American closed up 3.78 per cent to 574.51 p per share and BHP Billiton posted gains of 2.21 per cent to 1,065p per share.

Last week Reuters reported that the company was considering selling a stake in its agricultural assets. And over the weekend, the Telegraph on Sunday suggested that the company's management would listen to offers for the entire company.

Hopes that the Chinese government would take steps to boost growth in the world's second largest economy boosted shares with significant emerging market exposure.

Read more: China is key to securing London's future

"The last few times China tried to encourage economic activity by announcing a stimulus scheme it has backfired, and sent commodity related stocks crashing, but now there is the feeling that something drastic is needed.," David Madden, market analyst at IG Group, said.

Shares in emerging markets focused bank Standard Chartered closed up 6.26 per cent to 708.4p per share, while Aberdeen Asset Management ended the day 5.3 per cent higher.

Oil stocks were also lifted after Brent crude posted its biggest intra-day gain in two weeks.

Royal Dutch closed up 2.84 per cent to 1,668.04p per share, BG Group rose 2.76 per cent to 1,015.05p per share and BP 4.71 per cent to 368p per share.

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