FTSE 100 movers: Xstrata leads miners advance

5th Mar 2010 14:43

Blue chips had another strong day, with the index closing at an 18-month high driven by banks and miners. Xstrata was the stand-out performer as major shareholder Glencore exercised its option to acquire the Prodeco coking coal operations in Colombia. Under the option agreement, Glencore will pay Xstrata $2.25bn in cash upon completion plus any profits accrued but not distributed to Xstrata since January. Brokers estimate the total price will be at least $2.5bn in cash.Xstrata acquired the operations from Glencore for $2bn just over a year ago in January 2009 in a much criticised "sweetheart deal" that underpinned a £4.2bn rights issue by the miner.Schroders is another big gainer, adding to the rise seen yesterday after it revealed net new business inflows jumped to £15bn compared with net outflows of £9.6bn in 2008, while funds under management ended the year at £148.4bn versus £110.2bn a year earlier.FTSE 100 - RisersSchroders (SDR) 1,396.00p +6.56%Xstrata (XTA) 1,187.00p +5.56%Fresnillo (FRES) 846.50p +4.18%BHP Billiton (BLT) 2,207.00p +3.79%Vedanta Resources (VED) 2,693.00p +3.78%Antofagasta (ANTO) 993.00p +3.76%Standard Chartered (STAN) 1,760.50p +3.53%ARM Holdings (ARM) 232.90p +3.47%FTSE 100 - FallersResolution (RSL) 68.75p -1.86%United Utilities Group (UU.) 551.50p -1.61%Petrofac Ltd (PFC) 1,072.00p -1.29%Centrica (CNA) 282.60p -0.56%International Power (IPR) 325.10p -0.52%GlaxoSmithKline (GSK) 1,238.50p -0.52%Shire Plc (SHP) 1,472.00p -0.41%National Grid (NG.) 656.50p -0.38%