LONDON MARKETS: FTSE 100 Rises As Miners, ITV Advance
July 17 2017 - 4:22AM
Dow Jones News
By Carla Mozee, MarketWatch
EasyJet's stock falls as its CEO heads to ITV
U.K. stocks advanced Monday, with mining shares lifted after key
metals buyer China posted better-than-expected economic growth
figures, while ITV PLC shares rose on news of that the broadcaster
has named a new chief executive.
The FTSE 100 index rose 0.4% to 7,411.71. All sectors gained
ground, fronted by the basic materials, health care and oil and gas
groups. A win Monday would be the index's first in four sessions.
Last week, it finished up 0.4%.
Mining shares were among the strongest performers Monday after
China's second-quarter gross domestic product growth
(http://www.marketwatch.com/story/chinas-economy-beats-outlook-grows-69-in-q2-2017-07-16)
came in at 6.9%, higher than a 6.8% estimate in a Wall Street
Journal survey of economists. Mining shares can be sensitive to
China data, as the country is a major consumer of industrial and
precious metals.
"The private-sector dominated manufacturing sector will continue
to lead the recovery, which is positive for productivity growth and
can also help to ease debt concerns," said HSBC economist Julia
Wang in a note.
Shares of precious metals miner Fresnillo PLC (FRES.LN) climbed
1.9%, Glencore PLC (GLEN.LN) added 1.5%, Anglo American (AAL.LN)
put on 1.9% and Rio Tinto PLC (RIO) (RIO) (RIO) climbed 1.2%.
Also, BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) picked up 1%
and Randgold Resources Ltd. (RRS.LN) tacked on 0.7%.
Mining stocks make up 88% of the weighting in the basic
materials group, and that group contributes an 8% weighting to the
FTSE 100, FactSet data show.
Meanwhile, ITV PLC shares (ITV.LN) popped up 2% after the
broadcaster, whose stable of shows includes "Downton Abbey," said
easyJet PLC's (EZJ.LN) boss Carolyn McCall will become its new
chief executive on Jan. 8
(http://www.marketwatch.com/story/easyjet-boss-carolyn-mccall-to-become-itvs-ceo-2017-07-17).
EasyJet said it's already started looking for McCall's successor.
Shares of the budget airline fell 0.5%.
The pound fetched $1.3071, down from $1.3102 late Friday in New
York. The pound climbed more than 1% last week.
The U.K.'s Brexit secretary David Davis was back in Brussels
Monday to resume talks with European Union officials about
Britain's exit from the bloc.
(END) Dow Jones Newswires
July 17, 2017 04:07 ET (08:07 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Mar 2024 to Apr 2024
FTSE 100
Index Chart
From Apr 2023 to Apr 2024