Reuters: Hot Stocks: UK's FTSE notches up third straight session of gains

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UK's FTSE notches up third straight session of gains Aug 12th 2013, 07:33 Mon Aug 12, 2013 3:33am EDT * Reassuring China data boosts mining stocks * FTSE 100 up 0.2 pct, rising for third straight session By Sudip Kar-Gupta LONDON, Aug 12 (Reuters) - Britain's benchmark equity index edged higher for the third session running on Monday, with mining stocks lifted by reassuring data from China, the world's top metals consumer. The blue-chip FTSE 100 index rose by 0.2 percent to 6,596.72 points in early session trade. Miners Fresnillo and Antofagasta headed the FTSE's leaderboard, boosted by data after Friday's market close showing new bank loans and money supply in China were higher than expected in July. Cavendish Asset Management fund manager Paul Mumford said he expected the FTSE 100 to rise further this year, as investors switched out of low-yielding bonds into higher-yielding equities. "There is a good weight-of-money argument for the FTSE," said Mumford, whose firm manages 750 million pounds ($1.2 billion) of assets. The FTSE 100 raced to a 13-year high of 6,875.62 points in late May, before slipping back on expectations that the U.S. Federal Reserve would scale back economic stimulus measures that have driven much of the global equity rally this year. The FTSE 100 remains up by around 12 percent since the start of 2013, but Central Markets expected near-term gains on the FTSE 100 to be capped. "Sentiment is supported by stronger economic data out of China but should remain capped by U.S. Fed tapering concern, referring to the possibility of the Federal Reserve reducing its measures to support the U.S. economy by buying bonds," Central Markets wrote in a research note. ($1 = 0.6440 British pounds) Link this Share this Digg this Email Reprints

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