THE FTSE 100 index maintained gains yesterday to close up after the price of oil rose and a dead cat bounce from miners. The UK's top blue-chip index shut 0.8 per cent higher at 6,083 points, led higher by a number of mining and oil companies.
Anglo American closed 5.7 per cent up, while Antofagasta rose 4.6 per cent. Glencore and Fresnillo jumped 3.3 per cent and 2.6 per cent respectively.
BHP Billiton also rose 1.6 per cent and Rio Tinto was 1.91 per cent up.
“A dead-cat bounce in the mining sector was enough to keep the FTSE 100 in the green yesterday after China’s CSI 300 benchmark index rose to a four month high and metal prices held off multi-year lows,” said Jasper Lawler, analyst at CMC Markets.
Meanwhile, Royal Dutch Shell B’s share price rose 2.93 per cent, with BP’s stock rose up 2.91. BG Group’s share price rose 3.32 per cent.
At the close a barrel of Brent oil was priced around $36.39.
“Improved sentiment towards China helped make Asian-focused Aberdeen Asset Management and Standard Chartered shares top risers on the UK benchmark outside of the commodities space,” Lawler added.
Standard Chartered’s share price increased 2.08 per cent, and Aberdeen Asset Management’s stock rose 1.72 per cent.
However, amid the buoyancy elsewhere, ITV shares fell as Comcast said there had been no talks about a possible takeover. ITV’s share price fell one per cent.