FTSE 100 recovery continues despite mining woes - Market Report

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Good morning from London, where the FTSE 100 is up once again this morning, reaching 10-day highs of around 7,350 points.


It's been a rough morning for the mining majors though with Anglo-American, Rio Tinto, Glencore and Antepagasta all in the bottom 10 of performance so far. Big mining stocks typically suffer when the markets are concerned about global growth and there have been plenty of news stories this week suggesting that international investors are losing some of their faith in the future of the Chinese economy. A difficult day for Wilco employees too after administrator PWC warned that any likelihood of the full business being saved has now vanished, meaning store closures and job losses. Poundland and B&M are likely to pick up a combined 150 of the total 400 stores. Virgin Media is under scrutiny with which calling on regulator Ofcom to investigate the legality of the firm's broadband contracts, which appear to allow for unlimited price rises. PureGym, which had been rumoured to be eyeing a float in recent years, provided some much needed positive news, revealing a jump in half-year revenue on growing membership and finally some even more cheery news over in the US where Nvidia shares are through the roof after the chipmaker reported record revenue in its hotly anticipated second quarter results.


That's all for this morning, I'll see you again tomorrow.

Location: London, UK

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