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FTSE close: Resources soar as eurozone hope grows

Stockmarket FTSE 480

The FTSE 100 has followed global markets higher after hope renewed that eurozone leaders are formulating a plan to tackle the currency bloc’s debt crisis.

Tuesday’s session ended with the blue-chip index ahead by 33.15 points to 5,857.52, recovering from the decline seen on Monday and prompted by mounting speculation that the European Central Bank will soon unveil concrete plans to stem high government borrowing costs.

Resources stocks led the FTSE higher today, reflecting investors’ rising confidence in a eurozone solution and hope that global growth will be better than expected.

Precious metals mining company Fresnillo was the index’s strongest gainer, followed by Vedanta Resources, Polymetal International, Anglo American and Eurasian Natural Resources.

The FTSE’s gains came as global markets rallied, with the S&P 500 in the US achieving its highest opening gain in four years. In Europe, the German Dax, French Cac 40 Spain Ibex and Italian MIB are all ahead.

Looking to the bond markets, both Spanish and Italian 10-year government bonds are trading well below the peaks seen last month.

Sentiment towards Spanish debt improved as the country managed to get away €4.51bn of short-term paper at a lower yield this morning.

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