With US markets having racked up good gains while Britain celebrated Easter Monday, UK shares had some catching up to do.
The FTSE 100 registered a triple digit rise today, with all but three index constituents in positive territory.
The top-share index closed at 6,962, up 128 points.
Reports over the weekend that the Mongolian government had agreed ‘in principle’ to an expansion of the jointly-owned mine Oyu Tolgoi copper mine, which also helped boost Rio’s share price.
Commentators suggested the agreement paved the way for a wave of foreign investment into the country.
Footsie giant BG will take a 78% interest in blocks IV and V in Mongolia in return for US$28mln of exploration work.Petro Matad will also receive an initial payment of US$2.75mln and US$50,000 per month for 36 months.
Following the transaction Petro Matad will continue to hold a 100% interest in block XX and 22% interest in blocks IV and V.
Shares in Petro soared 65% to 8.875p while BG’s shares rose 6.7% to 910.4p.
One of the few blue-chip fallers was British Airways owner International Consolidated Airlines (LON:IAG) after broker heavyweight JP Morgan downgraded the group to ‘neutral’ from ‘overweight’. Shares fell 1.2% to 591.5p.
Coal miner Atlantic coal (LON:ATC) reported better sales and production in its first quarter with good headway made at its Stockton mine. Shares jumped nearly 8% to 0.146p, having reached 0.17p at one point.
The company discovered that a luxury retail goods manufacturer, through its US attorney, obtained an injunction against the use of the domain name http://www.zincox.com for allegedly selling counterfeit retail goods.
The attorney did not have the courtesy of informing ZincOx and it was not until last Friday afternoon that ZincOx found out, whereupon it set about getting the injunction lifted over the Easter weekend.
IPSA (LON:IPSA) powered 8.8% higher to 1.85p after its South African subsidiary Newcastle Cogeneration extended its power purchase agreement with Eskom, South Africa’s state electricity company, for a year with an option for further two year extensions.
from MasterMetals http://ift.tt/1O48qyu