Telecoms and miners lead the way

  The FTSE kicked off a shortened week with a 0.21% rise after gains by telco and mining stocksXstrata led the risers in the mining sector, putting on 2.81% but all eyes were on Rio Tinto, whose shares jumped 1.4% after its Stern Hu, the Australian executive who ran led its Chinese iron ore unit, was sentenced to ten years in jail on charges of bribery and commercial espionage.The sentence of Hu, along with three colleagues brings to a close an affair that has caused tensions between Australia and China and came after Rio rejected a & #36;19.5bn investment from China and iron ore price talks with Chinese mills stalled.Vodafone is tucked in behind Xstrata on the leader board after reports that it is in talks with Verizon on how to optimise thier US mobile phone venture bumped up the shares by 2.39% to 150p. The two firms might be mulling a full-blown merger as an option.Elsewhere shares in Blacks Leisure Group leapt 12.7% on news that bidder Sports Direct leisurewear chain was considering a & ldquo;material increase & rdquo; of its offer but had first sought details on any Blacks suppliers who may have threatened to boycott the retailer should the bid succeed.Blacks said that on Friday afternoon it had received a letter from Sports Direct saying it was considering increasing its offer by an unspecified & ldquo;material amount & rdquo;.Blacks has already rejected a 62p a share offer, valuing the group & rsquo;s equity at & pound;26.4m, roughly 3.3% higher than the closing price of the group & rsquo;s shares the day before the offer was made.The Takeover Panel has has already issued a & ldquo;put up or shut up & rdquo; notice to Sports Direct, forcing it to issue a formal offer for the group by April 1.  

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