By Carla Mozee and Sara Sjolin, MarketWatch
Monthly retail sales fall
The U.K.'s benchmark stock index swung higher on Thursday, with
miners leading the charge on the back of a rebound in metals prices
and well-received corporate news for the sector.
The FTSE 100 rose 0.4% to 7,053.67, a move that cut into
Wednesday's loss of 0.5%
(http://www.marketwatch.com/story/ftse-100-gains-as-tesco-rolls-royce-move-higher-2015-04-22).
The biggest advancer on Thursday was Antofagasta PLC , which
jumped 5.6% after the Chilean copper producer said it agreed to
sell its water division
(http://www.marketwatch.com/story/antofagasta-agrees-to-sell-water-unit-for-960m-2015-04-23)
to Colombia's Empresas Publicas de Medellin for 596 billion Chilean
pesos ($960 million).
Anglo American PLC put on 4.7% after a production update. Anglo
cut its full-year diamond output forecast, but backed volume
projections for all other commodities
(http://www.marketwatch.com/story/anglo-american-cuts-diamond-output-guidance-2015-04-23).
Other miners also advanced, getting a boost from rising metals
prices. Shares of Rio Tinto PLC (RIO) gained 3.3% as did BHP
Billiton PLC (BHP) and Glencore PLC (GLNCY) picked up 3.1%.
Mining shares had been lower earlier in the session after a
closely watched HSBC survey showed manufacturing activity in China
fell to a one-year low of 49.2 in April
(http://www.marketwatch.com/story/china-factory-activity-drops-to-one-year-low-hsbc-2015-04-23).
China is a major buyer of metals and other commodities.
Among other advancers, supermarket chain Tesco PLC rose 1.2%
following Wednesday's 5.2% slide in the wake of its massive
full-year loss
(http://www.marketwatch.com/story/tesco-posts-biggest-ever-loss-after-turbulent-year-2015-04-22).
Shares of Meggitt PLC rose 0.7% after a first-quarter trading
update from the aerospace, defense and energy group.
Elsewhere, home-builder Taylor Wimpey said in a trading update
that it saw a 14% rise in the average selling price of homes
(http://www.marketwatch.com/story/taylor-wimpey-posts-strong-sales-reservations-up-2015-04-23).
The company also said uncertainty surrounding the outcome of the
May 7 general election "has not impacted customer confidence, and
underlying demand remains high." Shares turned higher by 0.9%.
WPP PLC posted the biggest decline on Thursday, ending down
1.5%. The advertising firm said it is reviewing its forecasts and
cautioned that clients remained focused on cost-cutting
(http://www.marketwatch.com/story/wpp-reviews-forecasts-as-revenue-rises-2015-04-23-248589).
WPP said revenue rose in the first quarter, by 8.3% in sterling
terms.
On the data front, U.K. retail sales unexpectedly fell 0.5% in
March from February, as sales at gasoline stations declined 6.2%.
The pound (GBPUSD) pulled back against the U.S. dollar after the
report from the Office for National Statistics, but later recovered
after weekly U.S. jobless claims rose more than expected.
Sterling was buying $1.5059 versus $1.5038 late Wednesday.
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