Market overview: Miners down again, brief spike in Glencore

LONDON (ShareCast) - (ShareCast News) - 1630:Close Stocks bounced back on the last day of the week with some market commentary pointing to increased certainty regarding the outlook following Janet Yellen's speech overnight. In particular, she explicitly positioned herself among those at the Fed who think a rate hike later in 2015 is "more likely". A slightly larger than expected revision to US second quarter GDP figures may also have lent a helping hand. Overnight, the MPC (KOSDAQ: 050540.KQ - news) 's McCafferty repeated his stance in favour of rate hikes now. Commodity stocks led on the downside. Glencore (Xetra: A1JAGV - news) shares finished lower after a brief spike towards the close of trading on the back of reports about asset sales. Johnson Matthey (LSE: JMAT.L - news) was near the top of the leaderboard following very positive comments out of Redburn. FTSE 100 up 147.52 points to 6,109.01. 1600: Stock in Glencore has reversed course to trade higher on reports it has hired banks to sell its stake in its agriculture unit, with talks under way with a dozen wealth funds and Asian trading houses.

1530: The year-to-date 35% gain in shares of Johnson Matthey in reaction to fears of a 'technology shift' is overdone, say analysts at Redburn. The explosion of scrutiny over vehicle emissions should create potentially material opportunities. These are being overlooked. The denouement will see JM (Stockholm: JM.ST - news) 's technology become more valuable, not less. A path to further long-term growth is being laid. We upgrade to Buy." 1330: US gross domestic product expanded at an annualised pace of 3.9% over the three months to June, up from a previous tally of 3.7% (consensus: 3.7%).

1226: Large cap miners are still in green but smaller ones such as Kaz Minerals (LSE: KAZ.L - news) and Acacia Mining (LSE: ABG.L - news) are coming under selling pressure. Johnson Matthey is bouncing back after the harsh punishment inflicted on the stock on the back of the newsflow surrounding VW. There are some unconfirmed references doing the rounds in the market about possible analysts' comments which may also be influencing the share price.

0930: The 'bank rehabilitation' trade has further to run, Morgan Stanley (Xetra: 885836 - news) says, and the best stocks to own in the space will be Bankia (added, replacing Danske), BNP (Paris: FR0000131104 - news) , CS, Henderson, Intesa, Lloyds, RBS (LSE: RBS.L - news) (added, replacing BARC), UCG and UBS (NYSEArca: FBGX - news) .

0837: Shares (Berlin: DI6.BE - news) in Steris (NYSE: STE - news) are rocketing after a US court opened the doors for a takeover by its rival Steris. Oil-related stocks are also doing well on both the Footsie and the second tier index. Glencore is bouncing back and at the top of the leaderboard as investors grant its bombed-out shares a reprieve. Large miners are also finding a good bid. ARM Holdings (LSE: ARM.L - news) may benefiting from positive comments out of Exane BNP. Stock in Aggreko (LSE: AGK.L - news) has been downgraded to 'reduce' over at HSBC. Overnight Janet Yellen explicitly placed herself among those at the Fed who believe a rise in rates is "likely" this year. FTSE 100 up 113.85 to reach 6.075.32.