July 23, 2013 9:16 am

FTSE miners lifted by China growth hopes

Tullow Oil sank to the bottom of the FTSE 100 on Tuesday after another one of its wells off the coast of South America came up dry.

Shares in the oil explorer were down more than 6 per cent after it said the third of four potential wells off the coast of French Guiana did not contain any oil or gas.

Tullow has one prospect left to drill in the once-promising exploration project there. It also reported disappointing results from a well in Mozambique, which it said contained only natural gas, not oil. The stock lost 6.2 per cent to £10.46, the biggest faller on the main London index by a clear distance.

EasyJet lost altitude after a broker downgraded the stock following its ascent this month to its best ever level.

HSBC cut its rating on the budget airline to neutral from overweight and trimmed its target price to £14.50 from £15.00. The shares slipped 3.8 per cent to £13.34.

Overall, the FTSE 100 rose 26 points to 6,649.37, propped up once again by its mining stocks. The heavily-weighted sector tracked reports of upbeat comments on the outlook for growth in China from senior Beijing politicians.

The eight biggest gainers on the leaderboard were metals stocks, led by Anglo American, up 2.1 per cent at £14.34.

Banks also rose as risk appetite sharpened across global markets.

Royal Bank of Scotland made the best single gain in the sector, up 1.2 per cent at 339.1p.

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