Newspaper article The Journal (Newcastle, England)

Stock Watch

Newspaper article The Journal (Newcastle, England)

Stock Watch

Article excerpt

Byline: Michelle Stansby Investment Manager Barclays Wealth

THE FTSE 100 continued its strong climb, rising 149.4 points to 6029.2 - an increase of 2.54%.

Rio Tinto was the strongest climber and closed 12.99% up - an increase of 644p to 5599p.

The catalyst for growth was an acquisition of a 12% stake in the company by the alliance of Chinese state-owned mining group Chinalco and aluminium producer Alcoa.

The acquisition, valued at EUR14bn, represents the biggest overseas investment by a Chinese company and represents a major stumbling block to BHP Billiton's proposed takeover.

Current speculation suggests that the move was a bid to block the mining tie-up which Chinese companies have long opposed due to the steel monopoly that would be established.

On the possible collapse of the deal BHP Billiton shares jumped 145p to 1623p. Shares in other mining firms Vedanta and Antofagasta also climbed 160p to 1957p and 47.5p to 700.5p respectively.

The biggest loser on the day was British Airways which fell 14p to 318. …

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