The FTSE 100 has surged 2 percent in early morning trade this morning, with gains in mining shares pushing the index upwards.
Shares in both Rio Tinto (LON:RIO) and BHP Billiton (LON:BHP) are up, with Glencore (LON:GLEN) gaining nearly 20 percent at market open. The company showed strong gains on the Hong Kong market, pulling up from last week’s lows.
Elsewhere on the FTSE, Rolls Royce (LON:RR) has announced plans to cut 400 staff from its marine business by the end of next year, in its latest move to make the company more economically efficient.
Rolls Royce have been under pressure from falling oil prices, which account for around 60 percent of its business.
In a statement, Rolls-Royce’s marine president Mikael Makinen said it planned to “sharpen focus on the marine technologies of tomorrow by significantly increasing our current rate of investment in research and development.”
The company hopes that the latest cuts will generate £40 million over the year, with benefits being seen from 2016 onwards. The company is currently trading up 3.34 percent at 728 pence per share (1047GMT).
