Miners help boost the FTSE 100

Miners help boost the FTSE 100

The FTSE 100 edged up 0.21pc despite pressure from a strengthening pound following stronger than expected inflation data.

Mining companies helped boost the FTSE 100 during midday trading, with Anglo American, BHP and Glencore up 2.17pc, 0.97pc and 1.84pc respectively.

Brent crude dropped 0.19pc to $62.47 as forecasts predict the world crude supply could overtake demand for the year, which would undermine production cut efforts.

The International Energy Agency said: “Today, having cut costs dramatically, U.S. producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth.”

Sterling jumped 0.7pc to $1.3915 against the dollar following the release of inflations data which showed it held close to a six year high at 3.0pc, suggesting rates will rise in May.

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