FTSE climbs on basic resources

Monday, 26 April 2010 11:52

By myfinances.co.uk staff

The FTSE 100 advanced 71.63 points, or 1.3 percent, to 5,795.28 in early trading led by basic resources shares, as metals prices climbed in London.

Antofagasta and Xstrata led gains. Carphone Warehouse, the UK mobile-phone retailer which this year demerged its TalkTalk unit, rose after lifting its forecasts.

Antofagasta, which will produce almost a 10th of Chile's copper this year, advanced 4.2 per cent to 1,035p. Xstrata, the world's fourth-largest copper producer, climbed 3.7 per cent to 1,210p.

Copper, lead, nickel and tin were among metals rising in London.

Carphone Warehouse jumped 3.7 per cent to 202p. The company raised its forecasts for the third time in six months as it sold more smartphones in the US and Europe.

Earnings before interest and taxes at the Carphone Warehouse Europe unit will rise 15 to 20% in the year ending March 2011, the company said today. Carphone expects the same rate of profit growth from the Best Buy Mobile unit.

Bank of Ireland sank 4.4 per cent to 1.72p, dropping for a fourth day. The company said it will try to raise as much as 3.4 billion euros ($4.5 billion euros) to fill a capital shortage as bad real-estate debts surge.

ITV advanced 2.1 per cent to 70.95p, gaining for a second day. The UK's largest private television company may bid for rival channel Five, the Sunday Times reported yesterday.

Telecity Group climbed 1.9 per cent to 428p. The UK data-centre operator said its management is confident the company's full-year results will be "in line" with market expectations.

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