FTSE 100 miners' shares rise on encouraging China GDP figures

Courtney Goldsmith
Follow Courtney
From Moonscape To Lake District: East Germany's Coal Mines
Miners boosted the FTSE 100 index today (Source: Getty)

Mining shares swelled today after fresh data showed the Chinese economy grew faster than expected in the second quarter of the year.

London's FTSE 100 was boosted by the rise in mining shares, with the following miners closing higher:

  • Anglo American - up 1.21 per cent at 1,130.5p
  • Glencore - up 1.49 per cent at 320.8p
  • BHP Billiton - up 1.34 per cent at 1,322.5p
  • Rio Tinto - up 0.71 per cent at 3,472.5p
  • Fresnillo - up 2.09 per cent to 1,512p
  • Antofagasta - up 2.27 per cent to 878p

"Whilst there remains a high degree of scepticism over the accuracy of data points from the Far East, the initial reaction has been positive and attracted buyers into London-listed stocks with exposure to China," said David Cheetham, chief market analyst at XTB trading.

Chinese output remained at an annual rate of 6.9 per cent growth, in line with the first quarter and slightly better than consensus forecasts.

Meanwhile, industrial production grew by 7.6 per cent year-on-year in June.

Josh Mahony, market analyst at IG, said the Chinese data was an "overwhelmingly positive update for the world’s second largest economy".

"The result leaves China well placed to meet its 6.5 per cent growth target for the year, though concerns remain over how much the economy will slow in the second half," added Mihir Kapadia, chief executive and founder of Sun Global Investments.

Read more: Mining stocks slip as heavyweights are downgraded on weak commodity prices

Related articles