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Metals demand drives shares higher

CityWed: Shares closed higher as mining stocks rallied on higher demand for metals a positive response to company results.

There was some pressure on the market after US Federal Reserve chairman Janet Yellen said a rate hike in December was a “live” possibility, but not a certainty.

Better economic news at home was led by the latest Markit/CIPS UK survey showing an uplift in the UK services sector in September (although the sector shrank in Scotland).

In corporate news Legal & General rallied as it posted a 14% rise in net cash generation for the first nine months of the year as it said it is ahead of its target to deliver £80m of operating cost savings this year. Ryanair flew higher after posting record October passenger numbers.

Wizz Air Holdings declined after announcing its chief financial officer was stepping down and saying that while third quarter bookings were robust it had limited visibility over the final period.

The FTSE 100 rose 29.3 points to close at 6,413.

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