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Financials, miners lead FTSE 100 rebound, but Burberry, Thomas Cook slip

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05/16/2019 | 01:00pm EDT
A broker reacts on the IG Index the trading floor

(Reuters) - Rallying banks and mining stocks lifted Britain's FTSE 100 on Thursday, but weak earnings hit luxury brand Burberry and Thomas Cook was floored by a profit warning.

The main index bounced 0.8%, gaining for the third consecutive session, and the mid-caps <.FTMC> gained by the same margin, helped by strong earnings reports.

UK shares, along with their European counterparts, reversed initial losses after a strong open on Wall Street, which was lifted by earnings and strong economic data, despite U.S. curbs on China's Huawei heightening trade tensions.

Miners <.FTNMX1770> jumped nearly 2%, continuing a three-day winning streak, as iron ore futures scaled a record high on strong demand, while aluminium prices also rose as production shutdowns at one of China's biggest smelters fuelled supply worries.

Private equity firm 3i advanced 3.2% after reporting a jump in total returns.

Exporters were also lifted after the pound neared a four-month low as Britain's Prime Minister Theresa May fought to keep her Brexit deal intact, amid growing fears of a disorderly departure from the European Union.

However, Burberry slumped 5.9% on its worst day since January after reporting a drop in adjusted operating profit.

National Grid slipped 3.4% - its biggest one-day drop this year - after reporting a drop in earnings and the opposition Labour Party announced plans to take energy networks back into state ownership if elected.

On the FTSE small-cap index <.FTSC>, Thomas Cook slumped more than 14.7%, after earlier hitting a more than 6-1/2-year low, as the travel group said economic and political uncertainty would hit its profit this summer.

Its larger rival TUI fell 2.5%, while easyJet slipped 2.1% and IAG gave up 1.2%.

The midcap index drew some strong news-related moves.

Livestock genetics firm Genus jumped 14.1% after a deal to license its know-how on virus-resistant pigs to Beijing Capital Agribusiness, which will seek regulatory approval for the pigs in the world's biggest pork market.

Cyber security firm Sophos surged 14% on its best day in more than a year after reporting higher-than-expected annual earnings, while Premier Oil jumped 8.8% as it hiked its production target.

Metro Bank slumped 8.1% after the Financial Times reported that its share placing might be priced at a 10% discount. After the market close Metro Bank announced plans to raise 350 million pounds at a price of 500 pence per share, a 7.3% discount to Thursday's closing price.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru; editing by Larry King and Alexander Smith)

By Muvija M and Yadarisa Shabong

Stocks mentioned in the article
ChangeLast1st jan.
3I GROUP PLC 1.56% 1140 Delayed Quote.47.21%
BURBERRY GROUP 1.73% 2175 Delayed Quote.25.32%
EASYJET -0.34% 1030.5 Delayed Quote.-6.74%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.18% 139.425 End-of-day quote.-8.26%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
GENUS PLC 1.12% 2882 Delayed Quote.34.30%
HSBC HOLDINGS PLC -1.42% 612 Delayed Quote.-5.40%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, SA -0.79% 441.6 Delayed Quote.-28.54%
JUST GROUP PLC 0.28% 53.85 Delayed Quote.-41.31%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.20% 99.55 End-of-day quote.-20.39%
LME ALUMINIUM CASH -1.36% 1746.5 End-of-day quote.-6.00%
METRO BANK PLC -1.79% 285 Delayed Quote.-83.17%
NATIONAL GRID PLC 0.53% 840.2 Delayed Quote.10.38%
PREMIER OIL PLC -4.18% 90.22 Delayed Quote.35.57%
PRUDENTIAL PLC -0.88% 1467 Delayed Quote.4.35%
SOPHOS GROUP PLC 6.24% 427.2 Delayed Quote.12.84%
THOMAS COOK GROUP -5.37% 4.494 Delayed Quote.-85.39%
TUI -4.11% 9.528 Delayed Quote.-22.54%
YU GROUP PLC 3.51% 147.5 Delayed Quote.97.99%
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