Reuters: Hot Stocks: UK's FTSE recovers as Chinese data boosts miners

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UK's FTSE recovers as Chinese data boosts miners Aug 8th 2013, 10:14 Tweet Share this Email Print Thu Aug 8, 2013 6:14am EDT * FTSE 100 up 0.3 pct after four days of losses * 2013 laggard Aviva rises after posting higher H1 profits * Schroders succumbs to profit-taking from record highs By Toni Vorobyova LONDON, Aug 8 (Reuters) - Britain's benchmark equity index broke a four-day losing streak on Thursday as forecast-beating trade data from China, the world's biggest metals consumer, lifted mining stocks. China's exports and imports both rose more than expected in July, in a tentative sign of economic recovery. The basic materials sector added 8 points to Britain's FTSE 100, led by gains in Antofagasta and Anglo American . The blue-chip index rose 0.3 percent to 6,530.68 points by 0958 GMT, testing minor technical resistance around its 30-day average. "On the face of it, it's definitely a step in the right direction (for China)... and people are reacting to it by buying the miners," said Jonathan Roy, a broker at London Stone Securities. A 1.4 percent sell-off on Wednesday brought the FTSE 100 back towards the bottom of a 60-point range it has held for four weeks. Insurer Aviva was the biggest riser, up 6.2 percent as higher first-half profits lured investors into a stock that has lagged the market since a spring dividend cut. Fund manager Schroders slipped 5.3 percent after reporting bigger-than-expected outflows in June, prompting profit-taking on a stock that set record highs earlier this week and is up 41 percent since the start of 2013. Not everyone was convinced by the FTSE 100's ability to sustain the rebound, especially after Wednesday's monetary guidance from the Bank of England raised concerns that interest rates may rise sooner than previously expected. Steve O'Hare, analyst at First 4 Trading, recommended selling the index in front of 6,550, with a stop at 6,580 and the first downside target at 6,485. (Editing by John Stonestreet) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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