FTSE closes at 6014.8

Updated 17.32 Mon Apr 07 2008

Keywords: Bank of England, FTSE 100 Index

The London market closed above the 6000 barrier for the first time since February thanks to strong gains in the mining sector and hopes of another cut in interest rates.

The FTSE 100 Index rose 67.7 points to close at 6014.8.

The FTSE 100 Index rose 67.7 points to close at 6014.8

Expectations are now mounting for a quarter point cut in rates to 5 per cent when the Bank of England announces its latest decision on Thursday.

Miners dominated the FTSE riser's board after Goldman Sachs upgraded the sector, causing Kazakhmys to lift 106p to 1697p and Vedanta Resources to rise by 106p to 2287p.

With metals prices on the march, BHP Billiton and Xstrata added 68p to 1685p and 160p to 3867p respectively.

Speculation of a better offer for Friends Provident from New York private equity firm JC Flowers saw shares in the life assurer rise 3.1p to 137p, despite Flowers insisting its 150p-a-share offer was "attractive".

On the losers board, Halifax Bank of Scotland shed the most, losing 13p to 560p, or 2 per cent, as the group's recent rally came to a close.

The bank has gained around 50 per cent since its dramatic mid-March plunge on the back of rumours over its funding position, which have since become the subject of a City watchdog inquiry.

Winners: Eurasian Natural Resources up 90p at 1100p, Kazakhmys ahead 106p at 1697p, Vedanta Resources up 106p at 2287p and Antofagasta up 32p at 781p.

Losers: HBOS down 13p at 560p, Persimmon down 13p at 706p, Alliance & Leicester down 8.5p at 525.5p and Land Securities down 22p at 1522p.