Mining stocks help boost FTSE
Monday 3rd November 2008, 11:00AM GMT.
Mining stocks helped the FTSE 100 to continue last week’s rally this morning as it climbed 38.2 points on opening to 4,415.36.
The index had dropped slightly from its opening price in the morning session to 4,409.55 but was still above the closing price of the previous session.
Kazakhmys led the way, trading 13.40 per cent higher by 10:00 GMT, while Xstrata was up 7.39 per cent.
HBOS was also among the risers this morning, as the bank confirmed this morning its acquisition by Lloyds TSB is going to plan.
The bank’s shares rose 4.73 per cent in morning trading, while Lloyds TSB shares fell by 1.97 per cent.
Several other banks also saw their shares fall, including Barclays, which was down 6.09 per cent by 10:00 GMT, and HSBC, down 3.54 per cent.
The optimism this morning follows from a rally towards the end of last week as investors anticipated further interest rate cuts from banks around the world.
The Dow Jones ended Friday 1.6 per cent higher, wrapping up an October of massive lows and soaring highs.
In the end, it was not the worst October on record – in a month that saw the stock market crash of 1929 – but with the Dow Jones down 14 per cent, it was the worst since 1987.
The FTSE ended October down more than ten per cent, also its worst month since 1987.
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