UKX FTSE 100 Index

By Sara Sjolin, MarketWatch

Miners rebound as Fed minutes lift metals prices

U.K. stocks rose on Thursday, with investors moving back into riskier investments ahead of retail sales numbers that are expected to show a rebound in July, even after the Brexit vote.

The FTSE 100 index gained 0.3% to 6,880.51, with only a handful of stocks trading in the red.

The benchmark on Wednesday ended 0.5% lower (http://www.marketwatch.com/story/ftse-100-trudges-higher-after-breaking-string-of-wins-2016-08-17), as sharp losses for miners on the back of weaker metals prices offset better-than-expected labor-market data. Retail sales were the main focus on the data front on Thursday, capping off a week of the first economic data to show the real effect on the U.K. economy (http://www.marketwatch.com/story/the-brexit-effect-get-ready-for-the-first-hard-data-on-the-uk-economy-2016-08-15) from the referendum. The report comes out at 9:30 a.m. London time, or 4:30 a.m. Eastern Time.

"Following a solid jobs report on Wednesday will this morning's U.K. retail sales reading prove to be as surprising," said Connor Campbell, financial analyst at Spreadex, in a note.

"The FTSE, at least, seems content with what is expected ... The pound is continuing its resilience against the dollar by keeping its head above $1.30 (in part helped by a fairly hawkish, if not quite as hawkish as expected, set of Fed meeting minutes last night)," he added.

Minutes from the U.S. Federal Reserve's July meeting released late Wednesday showed the central bank officials remain split on whether (http://www.marketwatch.com/story/fed-was-split-in-july-over-whether-an-interest-rate-hike-would-be-needed-soon-minutes-show-2016-08-17) an interest rate hike is needed soon. That drove the dollar lower against other major currencies, lifting the pound to $1.3066 on Thursday. Against the euro, sterling dropped, buying EUR1.1544 compared with EUR1.1552 on Wednesday.

Movers and shakers: Miners led the FTSE higher, tracking metals prices higher. Shares of Anglo American PLC (AAL.LN) advanced 2.4%, Antofagasta PLC (ANTO.LN) gained 2.2% and BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) climbed 2.1%.

Fresnillo PLC (FRES.LN) advanced 1.9% after the precious metals miner said the first phase of its San Julian mine has been completed (http://www.marketwatch.com/story/fresnillo-1st-phase-of-san-julian-mine-operating-2016-08-18).

(END) Dow Jones Newswires

August 18, 2016 04:05 ET (08:05 GMT)

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