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FTSE 100 Rises As Pound Weakens Amid Political Turmoil

U.K. shares bucked a lackluster trend across Europe to edge higher on Monday as higher copper prices helped lift mining stocks and the pound tumbled against both the dollar and the euro in the wake of reports that 40 Tory MPs are prepared to sign a letter of no confidence in leader Theresa May.

The benchmark FTSE 100 was up 15 points or 0.20 percent at 7,448 in late opening deals after closing 0.7 percent lower on Friday.

Mining giants Anglo American and BHP Billiton rose about half a percent each while Rio Tinto advanced 0.7 percent after completing a $750m share buy-back.

The weaker pound spurred some buying in export-oriented stocks, with Shire and Diageo rising 0.4 percent and 0.6 percent, respectively.

Power generation and temperature control rental provider Aggreko rallied 2.5 percent after appointing Heath Drewett as its chief financial officer.

Housebuilder Taylor Wimpey gained 1 percent after reporting strong sales for the second half of 2017.

Dignity shares fell more than 4 percent after the funeral operator warned of rising costs amid intense competition.

Coca Cola HBC lost 6 percent after a stock rating downgrade by research analysts at J P Morgan Chase & Co.

by RTT Staff Writer

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