September 9, 2015 / 9:11 AM / 4 years ago

Britain's FTSE rallies on the back of miners and financials

* FTSE 100 up 1.5 pct

* Miners rally on China calm, positive coporate news

* GlaxoSmithKline falls after disappointing trial results

By Kit Rees

Sept 9 (Reuters) - Britain’s blue-chip index rallied on Wednesday for a third straight session, boosted by positive corporate news from miners and financial firms and higher Asian markets.

The FTSE 350 mining sector index was up 3.2 percent, extending the previous sessions’s rise of 2.6 percent.

The rally in miners followed a rebound in Chinese stock markets on Wednesday, which reached a three-week high on the hopes of further government stimulus. China is a major consumer of minerals.

China’s Ministry of Finance said on Wednesday the government would strengthen fiscal policy, boost infrastructure spending and speed up reform of its tax system to support the economy.

Anglo American jumped 6.9 percent, the top riser on the FTSE 100 after its unit Anglo American Platinum (Amplats) said it had sold its labour-intensive South African mines to bullion producer Sibanye Gold for 4.5 billion rand ($331 million) to focus on newer, mechanised mines.

“We feel this is a good result for Anglo and clearly shows that the management team at both Amplats and Anglo American are delivering on promises made,” analysts at Investec said in a note.

The FTSE 100 index was up 1.5 percent, or 92.29 points, at 6,238.39 by 0849 GMT, still more than 12 percent off an all-time high hit in April after uncertainty over China’s growth roiled markets in August.

Asset manager Hargreaves Lansdown was another top performer, rising 5 percent, buoyed by a surge in full-year assets, despite forecast-lagging profit and revenue.

“The group’s scale benefits are substantial and unmatched providing it with by far the highest operating margin and the buying power to provide cheapest fund prices in the market,” said analysts from Numis Securities in a note.

Drugmaker GlaxoSmithKline was the top faller on the index, down 1.5 percent after the company and its partner Theravance Inc said their inhaled medicine Breo failed to prolong life of patients with chronic respiratory disease in a high-stakes clinical trial of 16,500 people. (Reporting by Kit Rees; Editing by Mark Potter)

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