Reuters: Hot Stocks: Britain's FTSE at near 1-mth highs, led by Glencore

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Britain's FTSE at near 1-mth highs, led by Glencore Sep 10th 2013, 07:30 Tue Sep 10, 2013 3:30am EDT * FTSE 100 up 0.6 pct, highest since mid-August * Glencore rises on bigger-than-expected synergies * UK data cheers housebuilders, Chinese numbers boost miners By Toni Vorobyova LONDON, Sept 10 (Reuters) - Britain's main share index rose to its highest levels in nearly a month on Tuesday, bolstered by the possibility of an international compromise on Syria and a strong report from miner Glencore Xstrata. Shares in the commodities group rose 4 percent to 334.10 pence after it upped its forecast for synergies from last year's merger to at least $2 billion for next year from initial guidance of $500 million, and hinted at further savings ahead. "There was a lot of concern around the time of the tie-up that they wouldn't be able to get to the previous estimate on synergies, so the fact that they are now exceeding those tells you that the market is going to be more supportive of the deal going forward," said Matt Basi, sales trader at CMC Markets. "We could potentially test the highs back towards 4 pounds if we get the follow through on those promises." The rally in Glencore added 4.4 points to the FTSE 100. There was also a boost from stronger airline stocks, such as IAG , as the possibility of a breakthrough over Syria pushed oil prices down to one-week lows. The United States sounded a positive note overnight on Russia's plan to put Syria's chemical weapons under international control. That opens the door to a path that could avoid Western military intervention, the prospect of which had spooked global equity markets. The FTSE 100 was up 40.62 points or 0.6 percent at 6,571.36 by 0713 GMT, testing levels last seen in mid-August. Also among the gainers, housebuilders like Persimmon cheered news that British property prices recorded their fastest rise in almost seven years last month and a measure of sales volumes also jumped to a multi-year high. Credit Suisse cited strong economic data as one of the reasons why it was sticking to its overweight on UK equities. "On our macro momentum scorecard, the UK scores second top," the bank's analysts write in a note, adding that "policy looks to stay very reflationary", with prospects for more fiscal easing in the run up to the election. The broader global economic backdrop also offered support, with miners boosted by news of better-than-expected factory output in China - the latest piece of solid data from the world's top metals consumer. (Reporting by Toni Vorobyova; editing by Patrick Graham) Link this Share this Digg this Email Reprints

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