Miners lift FTSE 100
Mining stocks lift FTSE 100
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Wednesday, 04, Feb 2009 05:16
Miners continued to lift the FTSE 100, which rose 1.54 per cent to close at 4,228.60.
Kazakhmys shares led the rally, climbing 14.34 per cent to £2.79 by the end of the session.
News of the devaluation in Kazakhstan's currency – effectively cutting costs for firms operating in the country - boosted the miner and another Kazakh-based metals firm, Eurasian Natural Resources Corp., which rose 13.70 per cent over the day.
Several of the 'defensive' stocks that had been trading higher recently dipped on the index.
AstraZeneca shares slipped back 5.02 per cent after rival pharmaceutical firm Roche reported a cautious outlook for 2009, while British American Tobacco shares fell 3.08 per cent.
Ryan Kneale, market analyst at BetsForTraders.com, said: "The markets are very uncertain at the moment, as traders await the next big news event.
"Whether it will be another scare story or an amazing rescue remains to be seen and as a consequence there are many traders just waiting on the sidelines."