FTSE soars in 2012 as miners boost

The leading share index in the UK got the new year started with a bang as data from overseas helps to lift sentiment in the market. By the close of the first session of 2012, the FTSE 100 was higher by 2.3 per cent, adding more than 127 points to reach 5699, the peak of the day.

Chris Bradshaw
shareprices.com - Tuesday, January 03, 2012

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Investors were encouraged by a trio of upbeat results from overseas with US manufacturers enjoying their best period of growth in more than a year whilst figures from China were also higher than expected. German unemployment was lower than predicted leading to fears over the eurozone debt crisis ebbing away.

The mining sector was one of the strongest performers of the day, adding around a third of the increases seen on Tuesday. Kazakhmys was the top stock in the blue chips adding 9.49 per cent whilst its peer Antofagasta was in second place with a rise of 7.41 per cent. Also in the top 10 was Rio Tinto, BHP Billiton, Eurasian Natural Resources and Xstrata climbing between 6.40 and 5.57 per cent.

Banks were also given a boost by investors rekindling their appetite for riskier stocks, with Barclays the highest financial firm of the day, adding 5.82 per cent. It was also boosted by a broker upgrade and an increase in its target price.

At the opposite end of the leaderboard, Shire the best performer from 2011 was at the foot of the table, shedding 0.80 per cent as defensive stocks were left unwanted.

 

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