Britain's FTSE rises

LONDON, Rabi’I 03, 1437, December 14, 2015, SPA — Britain’s top share index rebounded on Monday after reaching 10-week lows in the previous session, with South Africa-focused stocks surging on hopes the appointment of a new finance minister will stabilise stock and currency markets there, Reuters reported.

Old Mutual, which slumped nearly 22 percent last week, climbed 10 percent after President Jacob Zuma named widely respected Pravin Gordhan as South Africa’s third finance minister in a week. The dramatic U-turn sent the rand 5 percent higher after it hit a new all-time low on Friday.

Shares in Investec and Mondi, which are also exposed to Africa, rose 9.6 percent and 3 percent respectively after the South African currency rebounded after falling about 9 percent last week.

The blue-chip FTSE 100 index was up 0.8 percent at 5,997.71 points by 0935 GMT after falling for seven sessions in a row. The benchmark index is still down about 9 percent so far this year.

Miners came under pressure as prices of key metals, including copper and gold, fell. Shares in BHP Billiton, Glencore and Randgold Resources were down 0.4 to 1.9 percent.

BP fell 0.5 percent, underperforming the broader market, as the company faces a class action lawsuit in Mexico over its deadly 2010 Gulf of Mexico oil spill, which a civic group on Friday said it had filed against the company.
–SPA
14:24 LOCAL TIME 11:24 GMT