London’s top index regained lost ground on Thursday as it bounced back from a bruising performance on Wednesday.
London’s top index regained lost ground on Thursday as it bounced back from a bruising performance on Wednesday. T he FTSE 100 added 82.17 points, a 1.2% gain, after energy prices eased, taking pressure off traders. It pushed the index up to 7,078.04, just over the 7,077 that it had ended on Tuesday, erasing the losses of Wednesday’s brutal session. The rise was fuelled in London by mining giants like Rio Tinto, Anglo American and Antofagasta, who were cheered by events in Washington and on energy markets. Fears that Republicans in the US Senate might block the debt ceiling from being raised – a potentially disastrous situation for the global economy – were allayed after a deal was announced. This coupled with an easing of gas price rises helped boost confidence in the global economy, boosting the mining companies that supply many of the building blocks for that growth. “Global economies still need a safety net, and the US has just stitched a hole in a big one,” said AJ Bell financial analyst Danni Hewson.
