FTSE 100 enters bull territory on mining rally and weak sterling

Three out of ten blue chips still suffer

The UK's blue-chip index entered a technical bull market yesterday afternoon, boosted by a big recovery in mining stocks and a falling pound in the wake of last month's Brexit vote.

The FTSE 100 closed yesterday at 6,682 points, more than 20% higher than its recent low of 5,537, reached on 11 February 2016. The index was boosted by the emergence of Theresa May as Conservative party leader and new UK Prime Minister, after Andrea Leadsom withdrew her candidature. The expectation of a rate cut and possibly more quantitative easing from the Bank of England on Thursday also led some stocks higher. Blue-chip stocks also continued to be led higher as a result of a falling pound in the wake of last month's Brexit vote, with sterling currently trading at just $1.3087 a...