Chinese Growth Figures Boost FTSE

Trading was light on the London Stock Exchange on Friday, with just 9 trading days until Christmas and consumer confidence and retail sales figures for the U.S. due later in the day, but by 9.00 a.m., the FTSE 100 was up 56.84 points, or 1.1% at 5,301.21, reflecting gains in the U.S. and Asia overnight. Industrial growth figures from China revealed that production rose to 19% year-on-year in November – the fastest growth rate for two and a half years – lifting commodity prices, which in turn, buoyed mining and energy stocks.

Dominic Turner
shareprices.com - Friday, December 11, 2009

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Mining stocks recovered well from the pressure of previous sessions, with Xstrata up 33p to 1,065p and Kazakhyms up 39p to 1,265p, leading the way, although there was strength across the sector, with Antofagasta, BHP Billiton, Rio Tinto and Xstrata all ahead by 1.8% or more. Share prices in energy firms followed suit, as the news of brisk economic recovery in China helped to lift the price of crude oil above $71 dollars, with BG Group, BP, Royal Dutch Shell and Tullow Oil ahead by between 0.3% and 1.3%.

Elsewhere, support services and construction group Carillion rose 8.5p to 303.8p after it issued a positive trading update forecasting that earnings per share will increase by 10% or more in the year to the end of December. Carillion also reported that it expected to make further progress next year and that its business in the Middle East continued to thrive, despite exposure to Dubai World debt.

 

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