BHP Billiton bucked the weaker trend in London as brokers picked up on a story in the Australian press that claimed China was looking to raid the market and buy more than 9 per cent of the mining company. The stock rose 4.6 per cent to £17.62.

Rio Tinto is currently the subject of a bid from BHP which, based on last night's closing price, was worth £60.88 a share.