FTSE 100 index opens up led by Glencore, Anglo American, BHP Billiton and Marks and Spencer
The FTSE 100 opened marginally up this morning, led higher by mining companies, as Glencore reported it was reducing the size of its net debt.
The UK's top blue chip index was up 0.44 per cent at 6,411 points.
Glencore, the mining giant, which has been struggling to reassure investors worried about the size of its debt pile, today announced a debt reduction target and restated its guidance for the company’s more profitable trading division. Its share price rose 5.02 per cent on the news to 125.4p.
Read more: FTSE 100 closes flat on first trading day in November
Shares in Anglo American rose 4.7 per cent to 588.3p, BHP Billiton's shares were up 2.17 per cent at 1,082.25p, Rio Tinto's share price increased 2.19 per cent to 2.398.5p and Antofagasta and Fresnillo's share price rose 2.24 per cent to 547.5p and 2.26 per cent to 745.25p respectively.
Meanwhile, Marks & Spencer's share price rose 3.27 per cent to 537.75p as it recorded another period of declines in its general merchandise division, but top line figures suggested a slight improvement in performance as earnings per share climbed 4.9 per cent to 14.1p.
WPP, the advertising giant, agreed to buy Essence, a London-based digital media buyer. WPP shares rose 0.87 per cent to 1,502p as the news broke.
Read more: Glencore debt pile shrinking more than expected
FTSE 250-listed J D Wetherspoon also dipped as boss Tim Martin warned that rising labour costs could result in lower annual profits, as margins fell in its first quarter. Wetherspoon's share price dropped 4.51 per cent to 740.75p as markets opened.