Basic resources were sharply higher yesterday, with Glencore and BHP Billiton among the risers, helping the FTSE 100 the end the session slightly higher. However, the UK’s main index lagged behind its European counterparts.
While the FTSE 100 slipped during the day to a low of 6,321 points, it closed 0.44 per cent higher at 6,376 points.
Glencore led the pack, rising 5.93 per cent over the course of the day, after a turbulent week for mining companies. BHP Billiton was also up 1.82 per cent.
Meanwhile, Anglo American earlier in the day disappointed investors after a poor earnings update.
The company reported it was going to be postponing major project investment decision at its platinum unit until at least 2017 and lowered its diamond production “to better reflect current trading conditions”.
Shares sunk over three per cent on the announcement, before regaining some composure to close 1.27 per cent down.