U.K. Stocks Advance as FTSE 100 Index Halts Four-Day Drop
U.K. stocks rose, rebounding from their biggest decline in more than six weeks, as mining companies gained after a report showed Chinese trade improved.
Commodity producers contributed the most to the FTSE 100 (UKX) Index’s advance after a report showed China’s imports and exports rebounded more than economists had predicted. Aviva Plc (AV/) jumped 5.4 percent after posting first-half operating profit that beat analysts’ estimates and saying that restructuring costs fell 10 percent. AMEC Plc (AMEC) lost 2.3 percent after forecasting that sales may fail to increase this year.
The FTSE 100 gained 12.18 points, or 0.2 percent, to 6,523.39 at 9:10 a.m. in London. The equity benchmark has rallied 8.2 percent from a low on June 24 as the Federal Reserve said it remains flexible on the pace of bond buying. The broader FTSE All-Share Index also added 0.2 percent today, while Ireland’s ISEQ Index fell 0.1 percent today.
The number of shares trading hands on FTSE 100-listed companies was 2.4 percent lower than the average of the past 30 days, data compiled by Bloomberg showed.
In China, a report from the General Administration of Customs showed that exports rose 5.1 percent last month from a year earlier, more than the 2 percent increase forecast in a Bloomberg News survey. Exports dropped 3.1 percent in June. Imports rose 10.9 percent in July.
Schroders Plc (SDR) tumbled 5.5 percent after saying that clients withdrew 1.1 billion pounds ($1.7 billion) from the U.K.’s biggest fund manager in the second quarter.
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