FTSE tips 6000 barrier

The FTSE 100 Index touched the 6000 barrier today after the London market benefited from a surge by shares in the mining sector.

During an upbeat start to the week, the Footsie hit 6001 before dipping back to 5984.8 at mid-morning – a rise of 37.2 points. It was the first time the blue chip index has touched the 6000 mark for more than a month.

The mood was also buoyed by strong signs of an interest rate cut in the UK later this week, helping banks and retailers gain ground.

Miners dominated the Footsie riser’s board after Goldman Sachs upgraded the sector, causing Anglo American to lift 114p to 3276p and Antofagasta to rise by 34p to 782.5p.

With metals prices on the march, BHP Billiton and Xstrata added 47p to 1664p and 95p to 3802p respectively.

Nuclear power station firm British Energy was the morning’s biggest gainer, 36.5p higher at 747.5p after newspapers said European power firms, including EDF, had approached British Gas owner Centrica about a joint bid for the nuclear generator. Centrica shares also rose 8.5p to 312p.

Speculation of a better offer for Friends Provident from New York firm JC Flowers saw shares in the life assurer rise 4p to 137.9p.

Retailers Marks & Spencer and B&Q owner Kingfisher also gained ground, adding 6.25p to 392p and 2.4p to 136.1p respectively. Royal Bank of Scotland was another trading up, rising 8.5p to 378.5p.

In the second tier, Michael Page was the biggest loser after revealing a sharp reduction in UK growth during the first quarter this year. Shares were down nearly 8%, or 24p, to 281p.

Budget airline easyJet was ahead after revealing a 20% boost in passenger numbers last month. The carrier’s load factor also improved to 87.3% from 84.4%, helping shares up 13p to 387.75p.