Mining stock rally lifts FTSE 100

Wednesday, 01 July 2009 12:00

Mining and energy stocks rallied on the FTSE 100, taking the index 1.44 per cent higher to 4,310.26.

News yesterday the UK GDP growth estimates had fallen to a 50-year low did not appear to dampen traders' spirits and the UK's leading share index jumped this morning.

By 08:50 BST, Vedanta Resources had jumped by 8.07 per cent, International Power was up by 5.04 per cent and Eurasian Natural Resources was up by 3.97 per cent.

Only a handful of stocks were in the red in early trade, including hedge fund Man Group, which was down by 4.77 per cent, and British Airways, down by 0.16 per cent.

Investors in the US were showing more caution and at the close of yesterday's markets, the Dow Jones was down by 0.97 per cent, while the S&P 500 fell by 0.85 per cent.

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