FTSE ends week on a high as miners boost

Mon, 22nd Apr 2013

The leading share index in the UK finished the week with a flourish, moving upwards after five days of consecutive losses. By the close of trade, the FTSE 100 was higher by 0.69 per cent, reaching 6286.

Prior to the start of trade on Friday, the bluechips had lost 2.7 per cent of their value in just five days, with sentiment firmly on the back foot. Miners in particular have borne the brunt of an absence in risk appetite, with those in the FTSE 350 shedding 9.17 per cent since the end of last week.

The slump in the mining sector led to a bout of bargain hunting on Friday with investors keen to take advantage of low market prices. This strategy would have stood many in good stead as the industry rebounded with a vengeance, leaving many stocks far higher than they started.

Without question, the standout stock of the day was ENRC, blasting all others out of the water with a meteoric rise of 26.63 per cent. The dramatic increase was largely due to speculation that the group could be the subject of a takeover bid, after Jewish billionaire Alexander Machkevitch confirmed that he was attempting to put together a consortium.

Kazakhys - now in the FTSE 250 - was the top performer in the madcaps with a sharp rise of 24.43 per cent, rocketing as a result of its 26 per cent share in ENRC.

The top 10 stocks in the FTSE 100 were firmly dominated by miners, with Vedanta Resources, Fresnillo and Evraz all climbing high.

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