FTSE back above 6,000

Yesterday, the FTSE flew back above the 6,000 mark as mining stocks become popular with investors again as the sector was driven by a positive note from Goldman Sachs.

Posco, Asia’s third biggest steelmaker, announced that it will pay the Australian miners some 205%-215% more with immediate effect for their coking coal.

BHP Billiton finished 68p higher while Xstrata was up 160p. Anglo American finished up 125p while Rio Tinto was up 146p.

Cambridge Silicon Radio, the provider of bluetooth technology, increased 35¾p to 368¼p on news of a pending circular. ARM Holdings rose 4¼p to 94¼p following rumours of a takeover.

D1 Oils soared 58p before dealers pulled the plug on hearing the company is planning a possible £30 million.

Haike Chemical, the China-based petrochemical company, rose 7½p to 98p after announcing an excellent set of results. Revenues soared 41% to £179 million and pre-tax profits by 70% to £10.2 million.

There was speculation that Nestlé will increase its stake in L’Oreal resulting in a 4.4% rise in the cosmetics company.

Finally, Nestlé increased 3.3% in early trading yesterday after Novartis AG agreed to buy its 77% stake in US company Alcon for $39 billion to improve its eye care business.

Story link: FTSE back above 6,000