Miners leading gains as FTSE 100 up 6% on week

Friday 17th July 2009

The FTSE 100 closed trading today up 0.62 per cent – ending a week of gains.

The index was up 6.78 per cent over the week, and it closed on Friday at 4,388.75.

Miners led the gains today – as the markets pushed aside some its more recent depression over upcoming economic challenges.

In London, Eurasian was up 5.76 per cent, Xstrata gained 4.28 per cent, Vedanta Resources was up 4.23 per cent, Rio Tinto rose 3.53 per cent and Antofagasta climbed 3.39 per cent.

Leading the drops today was Lloyds Banking Group – down 3.50 per cent to 67.50p

Bunzl fell 2.51 per cent and Rolls Royce fell 2.01 per cent.

Tim Hughes, head of sales trading at IG Index, said: "The week’s trading ends with five straight days of gains for the FTSE following a glut of strong data.

"For a second time this week miners have helped dig the FTSE out of a hole, contributing to an overall weekly gain of almost 280 points. Investors may be looking at today’s mining rally as a barometer pointing towards fair weather in the coming global economic climate." ADNFCR-1783-ID-19271489-ADNFCR

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