FTSE climbs to 22-month high

Wednesday, 14 April 2010 12:43

By myfinances.co.uk staff

The FTSE 100 Index climbed 24.48 points, or 0.4 per cent, to 5,786.14 in early trading leading shares higher for the third time in four days, reaching a 22-month high, led by a rebound in mining shares as base-metal prices rose.

Xstrata, the world's fourth-largest copper producer climbed 1.9 per cent to 1,285p, while Kazakhmys increased 1.7 per cent to 1,553p and Rio Tinto, the world's third-largest mining company, gained 1.3 per cent to 3,926p.

Nickel advanced to the highest level in more than 22 months, pacing an increase in industrial metal prices, as an accelerating global recovery led by Asia boosted confidence demand will increase.

A report tomorrow may show the economy in China, the biggest metals consumer, may have expanded 11.7 percent in the first quarter, the fastest pace in almost three years, according a Bloomberg News survey of economists.

Burberry Group, the UK's largest luxury retailer, rose 2.1 percent to 711.5p after French rival Christian Dior SA reported higher revenue. Christian Dior said first-quarter revenue rose to 4.65 billion euros ($6.23 billion) from 4.18 billion euros a year earlier.

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