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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

Olympic gains for the miners on volatile day

Vodafone has recovered earlier losses to close unchanged at 139.9p as Ghana's parliament ratified the mobile phone group's $900m bid to take control of the country's telecoms group.

After a slight delay Vodafone seems to have seen off critics who believed its offer was too low.

Overall, the FTSE 100's positive mood continued to the close, and the index ended 48.8 points higher at 5497.4. Commodities companies continued to be the dominant feature of the day, with metal and oil prices heading north, albeit in very volatile trading.

Antofagasta was the biggest riser in the leading index, up 25.5p to 563.5p, closely followed by Kazakhmys, 57p better at £12.62, and Anglo American, 132p ahead at £29.23.

A positive note on the sector from Merrill Lynch also helped, with the bank saying: "Ask yourself the question: What is the risk/reward of being underweight miners as the Olympics in China draw to a close and Chinese manufacturers restart?"

BP added 2.5p to 527p despite its continuing troubles in Russia, while Royal Dutch Shell B shares rose 38p to £18.03.

Housebuilders fell back after downbeat trading news from Bellway, 16.5p lower at 560p. Taylor Wimpey lost 5.75p to 48p and Barratt Developments 10.75p to 124.75p.

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