London’s FTSE 100 Index powered more than 1% ahead today on fresh hopes of a deal being struck to avoid the so-called fiscal cliff in the US.
Investor optimism over a resolution to the US budget crisis sent the FTSE 100 to its highest level for more than three weeks, up 67 points to 5,870.3.
Heavily-weighted mining stocks led the FTSE 100 higher, with Kazakhmys the biggest riser with a 40.5p increase to 719p.
In corporate news, B&Q owner Kingfisher sank near the bottom of the FTSE 100 after it revealed a worse-than-expected 4% drop in like-for-like sales at the DIY chain. Shares were 1.6p lower at 279p.
Outside the top flight, Dixons Retail was also under pressure as it unveiled underlying pre-tax losses of £22.2million in the 24 weeks to October 13, although this was less than the £25.3million loss seen a year earlier.
Shares in the owner of PC World and Currys fell 0.3p to 25.8p as the firm blamed the loss on its French online gadget business PIXmania after writing down the value of the business.
Corporate travel specialist Hogg Robinson spooked investors as it admitted cautious spending among its clients had triggered a slide in sales and profits. It share price dropped 2.75p to 50.25p.
The biggest FTSE 100 risers included Rio Tinto ahead 149.5p to £30.90, Pennon 26p higher at 624.5p and Antofagasta up 53p to £12.92.
Among the biggest FTSE 100 fallers were Wood Group down 35p to 780p, Hargreaves Lansdown off 13p to 750.5p, Arm Holdings 10p lower at 762.5p and BSkyB down 7.5p to 771.5p.
Steven McKay, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that Weir Group gained 3.41% to £18.79 and Cairn Energy moved 1.75% higher at 267.45p.
On the fallers board, Parkmead gave up 1.79% to 13.875p.