Miners lift FTSE to 7-month high

Britain's top shares rose yesterday, boosted by miners after policy easing by China, and supported by optimism over the prospects for Greece, as investors awaited confirmation of an improving outlook for the global economy. Miners advanced after top metals consumer China cut the amount of cash banks must hold in their reserves, bolstering lending capacity as the world's second-biggest economy faces a fifth successive quarter of slowing growth. Much of the newly available credit was seen financing infrastructure and capital investment, so fuelling demand for basic resources. Britain's benchmark FTSE-100 share index was up 46.76 points, or 0.8 per cent, at 5,951.83 by 0955 GMT. The index is at seven-month highs, albeit in light trade, with US markets closed for a holiday. While uncertainty over Greece and its battle to secure a second bailout remained, the overall view was that a deal was priced into the market and should a decision be postponed beyond February 20, when Eurozone finance ministers meet, investors would take this in their stride. "The market's become fairly used to delays. It's dragged on for long enough now," Manoj Ladwa, senior trader at ETX Capital, said. The focus looks set to shift onto the economic picture in the wake of recent upbeat US releases, with more positive data seen likely to further fuel a near seven per cent rally so far in 2012. Big releases this week include Germany's Ifo business climate index, and US housing market data.