BHP Billion climbs in London trade

Shares of BHP Billiton PLC popped higher in U.K. trade Friday after the mining heavyweight said it’s looking to slim down its assets.

BHP Billiton UK:BLT +2.57% BHP +2.09%  shares climbed 3%, the best price performer on the FTSE 100, as the mining company said it’s looking at making changes in its product portfolio and that a “demerger of a selection of assets is our preferred option.” BHP’s board will meet next week.

BHP said it wants to focus on its major iron-ore, copper, coal and petroleum assets, and, potentially, its potash business. That would indicate that assets such as nickel, aluminum and bauxite may be spun off.

The FTSE 100 UK:UKX +0.51%  was up 0.5% to 6,717.48, and faced a weekly increase of 2.3%.

Investors later Friday will watch for the U.K. government’s second look at gross domestic product in the second quarter. The Office for National Statistics said in its first assessment in July that the economy expanded 0.8%, and was 0.2% higher than its pre-financial crisis peak in the first quarter of 2008.

Source: marketwatch.com