At the close: Can’t stop the FTSE 100 as oil price bounce sends London into the green
It was on the back foot all day, but the FTSE 100 finally landed some punches in the final rounds of the day to power through the 6,400 barrier and close up 0.08 per cent – setting a new 2016 high in the process.
After starting on the ropes following a predictably downbeat open this morning, it looked like talk of the FTSE fightback was premature. But when the sun came out, that feel-good factor returned, sellers changed tact and London's miners basked in the glow, sending the benchmark index up to 6,410 – a small improvement on yesterday's highest close of the year.
In truth, investors have their American cousins to thank for the final hour rally, as US oil stocks came in lower than expected. That sent the price of oil up after plunging this morning on news that the Kuwait oil strike was being drawn to an end.
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Brent Crude stood at $44.52 a barrel, up 1.18 per cent, as gold, silver, copper and platinum all continued yesterday's rally.
Miners reached for multi-month highs on the back of the news. Anglo American fought its way to the top spot for a second day running, up 5.25 per cent to 792p – its highest level since August last year.
Rio Tinto climbed 3.88 per cent to 2,423p – the first time it closed north of 2,400p since October. Fresnillo put on 3.1 per cent to hit 1,096 – adding further to gains which leave the commodities giant at its highest valuation since September 2013.