Morning Markets: FTSE higher on miner strength

The FTSE 100 is up 32.83 points (0.65%) at 5057.15 following some volatility in early trading, as Australia's decision to raise interest rates surprises the global markets.

Australia is the first leading economy to raise interest rates from global record lows, having increased its key rate by 25 basis points to 3.25%. Strong performances from miners are supporting the blue-chip index, with the sector benefiting from yesterday’s rise in metals prices and upgrades in the sector by the Royal Bank of Scotland. Kazakhmys and Randgold Resources are leading the pack, up 5.19% at £10.54 and 3.89% at £43.57 respectively. Meanwhile, Tesco shares are down 0.87% at 388p following the supermarket’s report of a 1.5% rise in half-year profits and intention to raise ...