U.K. Stocks Rise for First Time This Week as Miners Gain
U.K. stocks rose for the first time this week, rebounding from a two-month low, as a Chinese government economist forecast growth in the world’s second- biggest economy will rebound this year.
Kazakhmys Plc (KAZ) and Fresnillo Plc (FRES) rallied more than 3 percent as a gauge of mining companies in the FTSE 350 climbed from the lowest level in 3 1/2 years. Anglo American Plc (AAL) advanced 2.1 percent as iron-ore output increased. Spectris Plc (SXS) plunged the most in nearly four years after the maker of production-testing gear cut its revenue-growth forecast.
The FTSE 100 Index added 22.06 points, or 0.4 percent, to 6,265.73 at 9:36 a.m. in London. The gauge has still fallen 1.8 percent this week, trimming it’s advance so far in 2013 to 6.3 percent. The broader FTSE All-Share Index rose 0.4 percent and Ireland’s ISEQ Index gained 0.7 percent.
The volume of shares changing hands in companies on the FTSE 100 was 6.3 percent less than the average of the past 30 days, data compiled by Bloomberg showed.
Zhu Baoliang, head of the State Information Center’s economic forecast department, said China’s economy may rebound in the second and third quarters of the year. China should stabilize money supply growth and loosen fiscal policy to boost growth, Zhu said at forum in Beijing. The center is a research institute under the National Development and Reform Commission, China’s top economic planner.
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