Britain’s top shares index rose on Friday, lifted by mining stocks, although the more domestically-focused mid-cap equity index fell on mounting signs of an economic hit from the country’s vote to quit the European Union.
The blue-chip FTSE 100 .FTSE equity index was up 0.1 per cent at 6,541.11 points in early session trading.
Mining stocks such as Rio Tinto (RIO.L) and Anglo American (AAL.L) were the top performers, boosted by firmer copper prices. [MET/L]
The FTSE 100, which is dominated by international companies that do much of their business outside the UK, has recovered from an initial 6 per cent drop after the June 24 “Brexit” result of the EU referendum showed Britain had voted to quit the EU.
The Brexit result has hit sterling, but that in turn has benefited the FTSE 100’s international companies, as a weaker pound can help exporters while companies can also get an accounting boost from revenues earned in U.S dollars.