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Miners drive FTSE higher, Paddy Power Betfair slumps

Rise in steel and iron ore prices drive mining stocks to top of FTSE 100, while Paddy Power Betfair drops on departure of boss.

 
Miners drive FTSE higher, Paddy Power Betfair slumps

Mining stocks have driven the FTSE 100 higher, tracking a jump in iron ore and steel prices on fears of winter supply issues.

The UK blue-chip index edged 13 points, or 0.2%, higher to 7,525, with mining companies dominating the leaderboard. Risers included:

  • Anglo American (AAL) +2.3% at £13;
  • Glencore (GLEN) +1.8% at 344p;
  • BHP Billiton (BLT) +1.5% at £13.86;
  • Rio Tinto (RIO) +1.4% at £35.97.

'Steel and iron ore prices continue their recent strong positive moves,' said Mihir Kapadia, chief executive of Sun Global Investments.

'Chinese steel rebar prices are hitting their best levels in five years while iron ore prices are now higher for 2017 as a whole,' he said. 'Chinese authorities have cracked down on illegal steelmaking capacity and this has created shortages of certain metal grades.'

Paddy Power Betfair falls

Paddy Power Betfair (PPB) was meanwhile rooted to the bottom of the index, down 6.1% at £74.40 after the bookmaker announced chief executive Breon Corcoran was stepping down. Corcoran will be replaced by Worldpay (WPG) boss Peter Jackson.

'Breon Corcoran leaving is not good news,' said analysts at Berenberg. 'He is very highly regarded by investors and has been the driver of Betfair's relaunch as well as the merger with paddy Power.'

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