Oil and mining companies were among the top gainers, as shares in copper producer Kazakhmys surged 1.83% and rival Vedanta Resources advanced 1.60%, while oil and gas major Anglo American rallied 0.97%.
Glencore climbed 2.06% despite an earlier Bloomberg report saying that it holds the highest employee fatality rate among its closest peers. Investors in Xstrata, whose shares were up 0.96% in early European trading, will be voting next week on Glencore’s USD31 billion takeover bid.
Elsewhere, financial stocks were mostly lower, led by Lloyds Banking, down 0.48%, and followed by Barclays, with shares dropping 0.42%, while the Royal Bank of Scotland lost 0.16%. Only HSBC Holdings managed to outperform its counterparts, with shares climbing 0.46%.
FTSE 100: Miners lead the risers early on
Mining stocks were making gains this morning, rebounding after bearing the brunt of 'risk-off' trade over the past few days. Kazakhmys, Vedanta, Glencore, Rio Tinto, Randgold, Polymetal, Fresnillo, Anglo American and ENRC were among the top risers on the FTSE 100 in the opening hour.
Heading the other way was media giant WPP which was extending its losses after having to scale back its full-year like-for-like revenue target yesterday. Societe Generale and Berenberg both reduced their target prices for the stock this morning.
Financial stocks were also unwanted early on with Royal Bank of Scotland, Hargreaves Lansdown, Barclays, Lloyds and Standard Chartered all suffering.
Utilities group SSE was making gains after UBS upgraded its rating for the stock from 'neutral' to 'buy' and hiked its target price by 13% to 1,515p.
FTSE 250: Redrow rises, albeit mildly, on potential takeover
House-builder Redrow was in demand after saying that three investment firms are interested in a takeover, one of which is controlled by the company's Chairman and well-known businessman, Steve Morgan.
While the offer of 152p a share represents a 23.8% premium to the 90-day average share price, the stock has risen strongly in recent weeks on speculation, closing yesterday at 151p.
First-half profits at restaurant and pub operator Restaurant Group came in slightly ahead of expectations, helping the firm to raised its interim dividend by an eighth. Shares edged higher from the off.
Information technology solutions provider Computacenter dropped after reporting a slight fall in profits in the first half as additional start-up costs dented the bottom line.
FTSE 100 - Risers
Kazakhmys (KAZ) 605.00p +3.15%
Vedanta Resources (VED) 883.00p +2.56%
Glencore International (GLEN) 365.05p +2.13%
Fresnillo (FRES) 1,575.00p +2.07%
Antofagasta (ANTO) 1,112.00p +1.65%
Weir Group (WEIR) 1,627.00p +1.62%
Randgold Resources Ltd. (RRS) 6,280.00p +1.62%
Rio Tinto (RIO) 2,758.50p +1.58%
Xstrata (XTA) 914.40p +1.49%
Anglo American (AAL) 1,777.50p +1.37%
FTSE 100 - Fallers
WPP (WPP) 809.50p -1.10%
Hargreaves Lansdown (HL.) 610.50p -1.05%
Barclays (BARC) 182.10p -0.76%
Carnival (CCL) 2,169.00p -0.73%
Lloyds Banking Group (LLOY) 33.02p -0.66%
National Grid (NG.) 689.00p -0.58%
Centrica (CNA) 329.70p -0.54%
Smith & Nephew (SN.) 665.50p -0.52%
Severn Trent (SVT) 1,747.00p -0.51%
Vodafone Group (VOD) 182.20p -0.49%
FTSE 250 - Risers
Heritage Oil (HOIL) 198.80p +3.27%
New World Resources A Shares (NWR) 277.10p +3.05%
Ferrexpo (FXPO) 163.50p +2.77%
Redrow (RDW) 155.10p +2.72%
Mondi (MNDI) 557.00p +2.39%
Cairn Energy (CNE) 279.20p +1.90%
Investec (INVP) 380.60p +1.85%
Centamin (DI) (CEY) 77.05p +1.65%
Hansteen Holdings (HSTN) 73.95p +1.58%
Wood Group (John) (WG.) 821.00p +1.55%
FTSE 250 - Fallers
Bwin.party Digital Entertainment (BPTY) 96.20p -2.83%
Computacenter (CCC) 359.90p -2.70%
Ocado Group (OCDO) 60.00p -2.68%
Ted Baker (TED) 985.50p -2.23%
Telecom Plus (TEP) 795.93p -2.22%
Dunelm Group (DNLM) 589.50p -1.83%
IP Group (IPO) 125.00p -1.81%
Aquarius Platinum Ltd. (AQP) 36.65p -1.66%
Dixons Retail (DXNS) 17.12p -1.61%
Millennium & Copthorne Hotels (MLC) 472.90p -1.40%
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