FTSE 100 opens higher despite weak Chinese economic data as miners including Anglo America, Glencore and BHP Billiton rally

 
James Nickerson
Follow James
A large computerised display of the Brit
Miners rallied this morning (Source: Getty)

The FTSE 100 index opened higher today despite data from China that showed its economy growing at its slowest rate in 25 years.

The UK's blue-chip index opened 1.64 per cent up at 5,872 points, led higher by miners.

Yesterday markets were weighed down by "continued risk aversion and weakness in oil prices, as concerns grow over further deflationary forces rippling out from overcapacity in the commodity sector, and the slowdown in China and emerging markets", Michael Hewson, chief markets analyst at CMC Markets, said.

However, miners rose this morning as the latest Chinese economic data didn't shed any new light on an economy we already know is slowing down, he added.

Read more: Rio Tinto posts record-high iron output despite plunging prices

Anglo American led the FTSE higher, trading 8.51 per cent higher at 252.45p per share. Meanwhile, Glencore and Antofagasta were 6.45 per cent higher at 79.98p per share and 3.43 per cent up at 362p per share respectively.

Rio Tinto wasn't far behind, trading 3.77 per cent up at 1,694p per share. BHP Billiton was 3.94 per cent up at 632.8p per share.

Rio Tinto also today posted record high iron ore shipments in its fourth quarter results.

Read more: The bear is back - Experts warn the FTSE is on the brink

The positive start to Tuesday came as "traders were encouraged less by China’s GDP and more by the reaction of Chinese investors. The Shanghai Composite ended the session over three per cent higher and the Hang Seng was up two per cent", according to Spread Co's David Morrison.

Meanwhile, David Buik, market commentator at Panmure Gordon, pointed out that the FTSE rose this morning, in part on company news.

Unilever, up 1.64 per cent to 2,891p per share, posted an increase in turnover, while British Land posted an encouraging update, causing its share price to rise 1.9 per cent to 725.25p.

Related articles