Perry Gourley: Commodities help market stay positive

Strong gains from commodity stocks helped the FTSE 100 index add 10.19. Picture: Getty

Strong gains from commodity stocks helped the FTSE 100 index add 10.19. Picture: Getty

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SABMiller shares remained in positive territory after it rebuffed AB InBev’s third offer at £42.15, around £68 billion, claiming it “very substantially undervalues” the business.

Strong gains from commodity stocks helped the FTSE 100 index add 10.19 points to 6,336.35.

SABMiller shares added 11p at 3,633p after it knocked back AB InBev’s latest proposal, with the FTSE 100 firm previously rejecting approaches worth £38 and £40 a share.

Miners rose after a positive note from Morgan Stanley on the biggest players in the sector.

Anglo American was the strongest riser in the top flight jumping 10 per cent, or 60.3p, to 664.5p, Rio Tinto lifted 173p to 2,487p, and Antofagasta was 39.5p higher to 576.5p.

Sports Direct International slipped 4 per cent, or 33.5p to 742p, after it said it had struck a deal which would see it buy Irish high street chain Heatons.

Analysts at Peel Hunt called the deal “sensible” but not the “game changer” purchase Sports Direct’s management has promised.

The broker said it still expected Sports Direct to announce a deal worth over £100m by the end of the year.

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