Reuters: Hot Stocks: British shares rises on Chinese data, miners dominate

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British shares rises on Chinese data, miners dominate Aug 9th 2013, 07:56 Fri Aug 9, 2013 4:05am EDT (Refiles to clarify headline) * FTSE 100 up 0.2 pct * Miners lead for 2nd day after strong Chinese factory output data * Housing market outlook good for Lloyds, says MS By Toni Vorobyova LONDON, Aug 9 (Reuters) - The FTSE 100 index climbed on Friday, dominated by a mining sector boosted by more signs of an improving economic outlook in top metals consumer China. China's factory output rose faster than expected in July, data showed on Friday, adding to the encouraging picture painted by strong trade numbers on Thursday. The news boosted miners, the third biggest sector in Britain's FTSE 100 and the worst performer so far this year. Heavyweight Rio Tinto, which according to Morgan Stanley research makes around 46 percent of its revenues in China, added 1.8 percent. Miners were the top seven gainers on the FTSE 100. "The market is moving up again on the China story overnight. There is some upbeat data," said Adam Seagrave, trader at Saxo Bank. "These low-volume summer markets will probably see the FTSE quite rangebound, and we are heading towards the top of that range, but it should be pretty well supported on any pullbacks." The blue-chip index was up 11.48 points, or 0.2 percent, at 6,541.16 points by 0735 GMT. Also among the risers, Vodafone added 0.8 percent, with sentiment on the telecoms sector boosted after Mexican billionaire Carlos Slim's America Movil made a 7.2 billion euro ($9.6 billion) bid for the shares in Dutch group KPN it does not already own. Sentiment towards Britain-focused stocks, meanwhile, was supported by news that house prices in England and Wales reached an all-time peak in July. A bullish outlook on the British housing market was one of the reasons cited by Morgan Stanley analysts upgrading Lloyds Bank to 'overweight' and raising its 2015 earnings forecasts by 15 percent. Shares in Lloyds added 0.7 percent. "This improved housing outlook should benefit Lloyds in a number of ways: enhancing prospects for UK mortgage volumes, keeping low loan loss provisions from UK mortgages and potentially giving some relief on capital as the risk content in the mortgage books falls," Morgan Stanley analysts write. (Editing by John Stonestreet) Link this Share this Digg this Email Reprints

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