U.K. Stocks Rebound, Led by Mining Companies; BHP, Anglo Climb

By Sarah Jones

Aug. 18 (Bloomberg) -- U.K. stocks advanced, led by mining companies after BHP Billiton Ltd. posted record earnings and base metals prices climbed. Friends Provident Plc and Tullow Oil Plc also gained.

The FTSE 100 Index added 18.2, or 0.3 percent, to 5,473 at 11:53 a.m. in London, having earlier dropped as much 0.5 percent. The FTSE All-Share Index rose 0.2 percent, while Ireland's ISEQ Index increased 0.5 percent.

BHP jumped 1.1 percent to 1,545 pence. The world's largest mining company booked a 30 percent gain in second-half profit to $9.4 billion after boosting production to benefit from rising prices driven by demand from China. That matched analysts' estimates.

Rio Tinto Group, the third-biggest mining company, increased 1.6 percent to 4,680 pence as copper, aluminum and lead gained on the London Metal Exchange. Anglo American Plc, the second- largest, advanced 2.4 percent to 2,800 pence. Antofagasta Plc, the copper producer controlled by Chile's Luksic family, increased 0.9 percent to 540 pence.

Friends Provident, the 176 year-old British insurer, increased 3.7 percent to 92.1 pence. Tullow Oil, the U.K. explorer with the most drilling licenses in Africa, added 3.2 percent to 698.5 pence.

To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net.