LONDON MARKETS: FTSE 100 Rises As Miners, ITV Advance

Date : 07/17/2017 @ 4:22AM
Source : Dow Jones News
Stock : FTSE 100 (UKX)
Quote : 7275.25  21.97 (0.30%) @ 11:35AM
FTSE 100 share price Chart

LONDON MARKETS: FTSE 100 Rises As Miners, ITV Advance

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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)

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