New Laws of Commercial Registration and Trade Names take effect on Thursday    Civil Defense warns of heavy rains across Saudi Arabia until Monday    Saudi Exchange suspends trading of seven companies over financial disclosure delays    New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    EU preparing 'further countermeasures' to protect its interest, von der Leyen says    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



FTSE led higher by miners; BoE hold rates
Published in Saudi Press Agency on 08 - 10 - 2009


Britain's top share index rose on
Thursday, helped by gains in mining stocks on firmer metals
prices and a surprise quarterly profit from U.S. aluminium
producer Alcoa, Reuters reported.
By 1116 GMT, shortly after the Bank of England kept interest
rates unchanged as expected, the FTSE 100 was up 30.07 points,
or 0.6 percent, at 5,138.97. It lost 0.6 percent on Wednesday.
The BoE held interest rates at a record low of 0.5 percent
for the seventh month running and said it would keep its 175
billion pound asset buying programme in place.
"Absolutely no surprise -- we can see that neither the
market nor sterling has moved at all really," said Rob
Griffiths, strategist at Cazenove.
"The crunch comes next month in the sense that we are going
to complete the programme of QE -- at the next meeting they need
to make a decision whether or not they extend the QE further and
that's going to be the key decision really," he said.
Miners added the most points to the index, buoyed by a rise
in metals prices, including gold at record highs, and Alcoa
detecting signs that key markets were stabilising and expecting
global consumption to rise by 11 percent in the second half of
this year.
Indian-focused mining group Vedanta Resources was a top
blue-chip gainer, up 4 percent after posting a 15.6 percent rise
in second-quarter output of refined zinc and a 27.3 percent
increase in iron ore, its two most important minerals, in a
second-quarter production report.
BHP Billiton, Lonmin, Fresnillo, Xstrata, Kazakhmys, Rio
Tinto and Randgold Resources added 2 to 3.8 percent.
Energy stocks were also in favour, rebounding after falls
the previous session as the crude price rose above $70 a barrel.
BG Group, Cairn Energy and Tullow Oil gained between 0.6 and 2.9
percent.
Tullow Oil's CFO said Exxon Mobil buying into Ghana Jubilee
field would be good for the project.
Among individual movers, BT Group added 3.1 percent, aided
by an Exane BNP Paribas upgrade to "outperform" from
"underperform".
GlaxoSmithKline rose 0.3 percent, boosted by a report by a
leading tracker of prescription drug data, which showed global
pharmaceutical sales were proving more resistant than expected
to the economic slowdown.
It was a mixed picture among banking stocks. Heavyweight
HSBC put on 0.2 percent, while Standard Chartered added 2.6
percent.
HSBC has resumed talks with Royal Bank of Scotland over the
purchase of the remaining retail and commercial units that
bailed-out RBS owns in Asia, sources said.
RBS was on the back foot, down 1.5 percent.
Lloyds Banking Group was also lower, off 3.3 percent. The
Financial Times said the part-nationalised lender was sounding
out investors about a 15 billion pound ($24 billion) rights
issue to help it avoid a government scheme to insure against
credit losses.
The European Central Bank left interest rates unchanged as
expected.


Clic here to read the story from its source.