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FTSE 100 close: Miners lead the way, builders brood

By ED MONK FOR THISISMONEY.CO.UK
Updated: 12:08 EDT, 22 September 2009

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The FTSE 100 resumed progress after losses yesterday halted a 6-day winning streak, with commodity stocks setting the pace.

Latest prices: Can the Footsie go back to black?

The Footsie added 8.2 points to close at 5,142.6. A recovery in the oil price to above $70 a barrel helped mining as well as energy stocks and those companies littered the list of biggest risers. Mining has contributed 11 points to the gain, and oil and gas 8 points according to broker BGC.

Eurasian Natural Resources led the way gaining 38.5p, or 4.4%, to 912.5p. Fresnillo, 27p higher at 780.5p, Rio Tinto, 63.5p higher at 2,707.5p and Xstrata, up 10.5p at 940.5p, all followed suit.

Among oil stocks, BP, Cairn Energy, Royal Dutch Shell, and Tullow Oil were all up.

Builders brooded on news from the Office of Fair Trading that it was fining more than 100 of them a total of £129.5m for 'bid-rigging' in the tender process for building projects.

Balfour Beatty fell 2.2p to 337.7p and Carillion dropped 6.1p to 282p.

Elsewhere, drug firm Shire was 20p higher at 1,089p after broker Jefferies raised its rating amid hopes of earnings growth next year.

There were strong early gains for British Airways as economic recovery signs continued to boost investor confidence, but the stock later closed 1.9p down at 231.2p.

Imperial Tobacco rose 0.3%, after the world's No. 4 cigarette group said its current-year trading remained in line with its own expectation.

Retailer JD Sports Fashion opened higher following the release of interim figures which showed an 11% rise in pre-tax profits. The stock later retreated to stand 6p lower at 594p.

On the downside, Severn Trent declined 1.45% on worries about a possible rights issue, sparked by Monday's downgrade of the stock by Evolution Securities to 'add' from 'buy'.

Fellow utility firms Centrica, National Grid and United Utilities all fell under pressure from demand for riskier assets at the expense of defensive issues.

Investors will be keeping a close eye on a two-day US Federal Reserve meeting which begins on Tuesday, and a G20 meeting at the end of the week. Today Brent Crude Oil stood at $70.09 a barrel, and gold was $997 an ounce.

Sterling hit fresh five-month lows today against the euro ahead of the crucial publication of minutes from the Bank of England's September monetary policy committee meeting.

On Wall Street, the Dow Jones Industrial Average was 0.5% up to 9,826.09 at the London close.

Tomorrow's agenda

A dearth of new games and consoles to get the computer geeks salivating has hurt Games Group in recent months. The High Street chain, which updates the market on trading on Wednesday, admitted in July that profits could be as much as 60% lower than last year thanks to a 15% drop in like-for-like sales. Nick Bubb, Pali International's retail expert, warns that the market could be getting even tougher.

Despite comparisons becoming easier, he reckons that equivalent sales could be down by up to a quarter. Investors are likely to focus on any comments from management on outlook, particularly their expectations for the crucial pre-Christmas trading period, when a number of the big name games will be released. City watchers continue to speculate about a possible bid from American peer GameStop.

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