Rio Tinto posted its first ever full-year loss of 2.6bn pounds (1.7bn pounds) after writing down 14.4bn dollars of its assets following an M&A spree. The charges were mostly in its aluminium and energy businesses. However, stripping those out profits were better than expected, as was the 15 per cent increase in the dividend to 167 cents. This is a smart move by Mr Walsh. Investors are clamouring for more cash returns as spending eases. The next major catalyst could be the start-up of Rio’s 6.6bn dollar Oyu Tolgoi copper mine in Mongolia.

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Technology-led plastics group Carclo has reported that demand from some of its customers weakened in December and was slow to recover in January, according to an interim management statement issued on Thursday morning.

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Chemicals stocks were among the best performers on Friday afternoon with AZ Electronic Materials continuing its impressive year-to-date rise after announcing the completion of refinancing.

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