BHP 2.19% $34.01 bhp group limited

why bhp up in london

  1. 1 Posts.
    On another day of market turmoil, with the FTSE 100 falling 9% at one point before finally closing 5% lower, traders expressed some surprise that mining giant BHP Billiton managed to buck the trend with a 5.5% increase.

    After all, metals prices continued to sink following yet more signs of recession, with copper falling to a new three year low. But BHP, which was in negative territory for most of the day, closed 45.5p higher at 868.5p, making it the biggest riser in the leading index. Other miners also saw a turnaround, as investors decided the sector may have been oversold, but not to the same extent.

    There were various suggestions for the BHP increase, including share buying by the Chinese as part of a move to try and block BHP's bid for rival Rio Tinto, and investors covering short positions. The European Commission was also said to be ready to issue a statement of objections on the bid - areas that would need addressing - next week. Rio itself made a last minute recovery to close 37p higher at £22.77, while Antofagasta was 2.5p better at 276.5p
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