Britain's FTSE rallies, set for biggest weekly gain since 2011

Fri Oct 9, 2015 5:13am EDT
 
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* FTSE 100 up 0.5 percent, set for biggest weekly gain since 2011

* Miners rally, Glencore rises on zinc production cut

* Investors cheered by dovish Fed minutes on Thurs

By Kit Rees

LONDON Oct 9 (Reuters) - UK shares were set to continue their October rally, with miners pushing Britain's blue-chip index higher on the back of Thursday's dovish minutes from the U.S. Federal Reserve.

Britain's FTSE index was up 0.5 percent at 6,407.98 points at 0815 GMT, slightly underperforming European indexes but still set for its biggest weekly gain since 2011.

Miner Glencore topped the list of gainers, rising 4.6 percent after it said it would cut 500,000 tonnes of zinc production, or around 4 percent of global supply, in its latest move to withstand weak commodities prices.

"One of the problems that the mining sector's had of late is that despite prices falling they've continued to ramp up output," said Tony Cross, market analyst at Trustnet Direct.

The cutback in zinc production follows a series of measures from Glencore, the world's largest producer of zinc, aimed at cutting its $30 billion debt pile by a third.   Continued...