Reuters: Hot Stocks: FTSE back up at 5-year highs, boosted by miners

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FTSE back up at 5-year highs, boosted by miners May 7th 2013, 07:09 LONDON | Tue May 7, 2013 3:09am EDT LONDON May 7 (Reuters) - Britain's top share index nudged higher on Tuesday, aided by firmer mining stocks, as central bank stimulus continued to support equities over other asset classes. The FTSE 100 was up 3.76 points, or 0.1 percent, at 6,525.22 by 0707 GMT as traders returned to their desks after a Monday public holiday. The index, which gained 0.9 percent on Friday, is back up around five-year highs reached in March. Stock markets have been bolstered by easy monetary policy across the world, a trend reinforced overnight when the Reserve Bank of Australia (RBA) cut its main cash rate to a record low of 2.75 percent. "I think the RBA rate cut has probably helped on the margins," Michael Hewson, analyst at CMC Markets, said. "(Investors are focusing on) the fact that monetary policy is going to remain loose, central bankers are going to (keep) basically underpinning the market and as such I think they feel... more comfortable buying stocks." (Reporting by Tricia Wright; editing by Alistair Smout)

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