|Copper miners lead FTSE 100 higher despite poor UK manufacturing|
Antofagasta gains after higher than expected payout to shareholders.
As leading shares edged to a new five year high, copper miners Antofagasta and Kazakhmys helped build up much of the market's gains.
Antofagasta added 34p to £11.29 after higher profits and a bigger than
The Chilean company said full year profits rose 5% to $3.83bn. More crucially, it unveiled a dividend of 98.5¢ a share -
more than double last year's figure - including a special payment of 77.5¢.
But the company announced a $500m impairment charge on its main growth project, the $1.7bn Antucoya copper mine, with analysts saying this could mean an eventual cancellation. In a hold note, Numis said:
[It] remains a quality company but with Antucoya pushed back we see limited growth and expect it trade side
In fact the copper price moved higher on hopes of buying from China, now the metal is cheaper.