Plus   Neg

FTSE 100 Rises Led By Miners

U.K. shares rose on Monday as Weir Group raised its full-year guidance and copper futures rose on expectations of stronger demand from top consumer China.

The benchmark FTSE 100 was up 15 points or 0.20 percent at 7,393 in late opening deals after losing half a percent on Friday. The pound retreated against the dollar after climbing more than 1 percent last week.

Weir Group shares soared 8 percent. The pumps manufacturer upgraded its outlook for the group's full-year performance, citing an accelerated recovery in the Northern American oil and gas markets.

AstraZeneca rallied nearly 2 percent after the pharmaceutical firm said chief executive Pascal Soriot will host a call with analysts on second-quarter earnings at the end of the month as planned.

Broadcaster ITV climbed 3 percent as it appointed the boss of EasyJet, Carolyn McCall, as its new chief executive.

Miner Anglo American rallied 2.1 percent, Antofagasta advanced 1.5 percent and Glencore gained 1.7 percent as copper hit its highest level in two weeks, supported by a weaker dollar and encouraging GDP data from China.

Consumer goods maker Reckitt Benckiser was marginally higher after The Sunday Times newspaper reported that Unilever and Hormel Foods Corp are front-runners in a deal to buy its foods division.

Centrica added half a percent after it agreed to combine its oil and gas business with Bayerngas Norge.

In economic releases, U.K. house prices increased only marginally in July as subdued wage growth weighed on affordability, property website Rightmove reported.

Asking prices edged up 0.1 percent in July from June. On a yearly basis, house prices advanced 2.8 percent.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Market Analysis

Follow RTT