FTSE hits two-week closing high after G20

Mon Nov 9, 2009 5:34pm GMT
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* FTSE 100 rises 1.8 percent to hit two-week closing high

* G20 pledge to keep aid flowing boosts risk appetite

* Miners, oil stocks buoyed by commodities rally

By Tricia Wright

LONDON, Nov 9 (Reuters) - Britain's top share index hit its highest closing level in more than two weeks on Monday as the G20's pledge to keep stimulus in place bolstered investors' risk appetite, with miners and oil stocks leading the charge.

The FTSE 100 .FTSE closed up 92.46 points, or 1.8 percent, at 5,235.18, the highest close since Oct. 23 and notching up its biggest one-day percentage gain since Oct. 14.

"Wall Street is producing a great lead and we've had a very strong message from central banks that rates are staying where they are for quite some time, and meanwhile the global economy is recovering," said Mike Lenhoff, a strategist at Brewin Dolphin.

Miners added the most points to the index against a backdrop of firmer metals prices, with Kazakhmys (KAZ.L: Quote, Profile, Research), Vedanta Resources (VED.L: Quote, Profile, Research), Xstrata (XTA.L: Quote, Profile, Research), Antofagasta (ANTO.L: Quote, Profile, Research) and Rio Tinto (RIO.L: Quote, Profile, Research) adding between 4.3 and 6 percent.  Continued...

 
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