FTSE bounces back as miners lead the resurgence

Following losses of more than £50 billion since the earthquake struck in Japan last week, Britain's leading share index rebounded on Thursday with signs pointing towards an overselling of stocks. The FTSE 100 climbed by 0.9 per cent, reaching 5646 by 12.14 GMT.

Chris Bradshaw
shareprices.com - Thursday, March 17, 2011

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The miners led the charge back up the leaderboard, a sector that was always predicted to recover quickly once the initial shockwaves of the disaster had receded from the market due to demand for metals in the rebuilding projects. As the price of metals already starting to firm again, miners climbed with BHP Billiton a notable riser, adding 2.3 per cent. Antofagasta was another strong performer with an increase of 4.3 per cent and Xstrata also added 3.3 per cent.

With the market performing well all round as stocks slowly shook off the woes off the last five sessions, energy firms were another area of support to the index. Royal Dutch Shell led the charge for the sector, with a significant rise of 2.5 per cent.

On the downside, tensions in the Middle East showed no signs of abating with the markets watching Bahrain with caution. The price of crude oil rose again, firming by 1.5 per cent. Heritage Oil jumped by 7.9 per cent as reports circulated round the market of a refused takeover bid worth £1.2 billion.

Elsewhere in the index Vodafone was another of the day's top performers with a climb of 2.3 per cent following a broker upgrade.

Legal and General shed 1 per cent after disappointing results and performing poorly compared to the European market.

 

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