Reuters: Hot Stocks: UK's FTSE resumes rally as Chinese data lifts miners

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UK's FTSE resumes rally as Chinese data lifts miners Oct 24th 2013, 07:47 Share this Email Print Reprints Thu Oct 24, 2013 3:47am EDT * FTSE 100 rises for 10th time in 11 sessions * FTSE up 0.2 pct, after 0.3 pct fall in previous day * Miners and WPP lift index By Sudip Kar-Gupta LONDON, Oct 24 (Reuters) - Britain's main share index rose on Thursday for the tenth time in eleven days, as a pick-up in manufacturing in China - the world's biggest metals consumer - lifted mining stocks. The blue-chip FTSE 100 index was up by 0.2 percent, or 13.54 points, at 6,688.02 points in early session trade, bouncing back from a 0.3 percent dip in the previous session. Mining stocks were among the best performers, silver producer Fresnillo topping the FTSE 100's leaderboard with a 2.5 percent rise after it cheered investors with a special dividend. The broader FTSE 350 Mining Index also rose 0.6 percent, buoyed by a rise in the flash Markit/HSBC Purchasing Managers Index (PMI) for China to a seven-month high in October. Numis analyst Cailey Barker said the Chinese manufacturing data, along with expectations that the U.S. Federal Reserve is unlikely to scale back economic stimulus measures until early 2014, would support mining stocks in the months to come. "The number shows expansion in manufacturing which is likely to continue into Q4," said Barker. "Strong PMI numbers coupled with the view that the Fed is unlikely to taper until Q1 should see mining companies have a strong run into the new year." WPP RISES Shares in advertising group WPP rose 2.4 percent after it beat forecasts with revenue growth. The third quarter earnings season in Britain and Europe is in its early stages, but Logic Investments' trading director Darren Easton said updates from leading companies had been reassuring for investors so far. "The earnings have been reasonably in line with expectations or slightly ahead of them, which is reasonably positive for the market," he said. The FTSE 100 is up by around 14 percent since the start of 2013 and just 3 percent away from a 13-year peak of 6,875.62 points reached in late May. (Editing by Patrick Graham) Link this Share this Digg this Email Reprints

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