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FTSE gains as mining shares rebound and GlaxoSmithKline rises


Hopes of a Greek deal support market while commodity companies lifted by metal price rises

Nick Fletcher

Leading shares have moved higher, with commodity companies boosted by a rise in base metal prices and GlaxoSmithKline lifted by a broker upgrade.

With copper hitting a three week high and Brent crude adding 1.55% to $60.20 a barrel - despite many analysts advising cashing in on the recent revival - the FTSE 100 has risen 46.31 points to 6872.42.

Tullow Oil is up 12.5p to 397.6p while among the mining shares, BHP Billiton is 41p better at 1535.5p and Glencore has climbed 8.05p to 284.95p.

Meanwhile Glaxo has added 49p to 1534.5p after UBS moved from sell to buy with a target price raised from £12.50 to £17.

Hopes that Greece could negotiate a deal with its creditors before the cash runs out also helped support the market, despite comments from various politicians and EU officials suggesting it would be a long haul before any agreement.

BT has fallen 8.3p to 441.7p, a day after a placing to raise £1bn to help fund its purchase of EE. There was also news that Virgin Media is increasing spending to boost its UK broadband presence.

AO World, the online domestic appliance specialist, is down another 10.3p at 294.3p in the wake of Thursday's sell note from Panmure Gordon.

But Afren has added 9% to 7.755p ahead of the latest deadline for Nigeria's Seplat to decide whether to bid or not.

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