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FTSE 100

(UKX)
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FTSE advances, shrugs off declines in commodities

04/04/2016 | 05:19am EDT
People walk through the lobby of the London Stock Exchange in London

LONDON (Reuters) - British shares edged higher on Monday as commodities-related stocks shrugged off declines in copper and oil prices, although Mondi (>> Mondi Plc) fell on news of an anti-monopoly investigation.

LONDON (Reuters) - British shares edged higher on Monday as commodities-related stocks shrugged off declines in copper and oil prices, although Mondi (>> Mondi Plc) fell on news of an anti-monopoly investigation.

Britain's blue-chip FTSE 100 index <.FTSE> was up 0.4 percent at 6,170.55 points by 0855 GMT, in line with the broader European market.

Miner Rio Tinto (>> Rio Tinto plc) led the gainers on the FTSE 100 index, up 2.4 percent, with analysts citing a supportive rise in the price of iron ore during the Asian session.

Miners Anglo American (>> Anglo American plc), Glencore (>> Glencore PLC) and BHP Billiton (>> BHP Billiton plc) shrugged off a decline in copper prices and concerns over Chinese demand, although some investors were expecting the sector to remain volatile.

"Given the fact that we probably are expecting to see a stronger U.S. dollar and weaker growth globally, then these basic metals will likely continue to be problematic and cut into profit margins," said Brenda Kelly, head analyst at London Capital Group.

Travel and leisure stocks also gained, with budget airline easyJet (>> easyJet plc) 0.8 percent higher after Irish-listed Ryanair Holdings (>> Ryanair Holdings plc) posted a jump in March traffic figures.

IAG (>> International Consolidated Airlns Grp SA) rose 1.8 percent and mid-cap Wizz Air (>> Wizz Air Holdings PLC) advanced 1.2 percent, with analysts citing a weaker oil price as supporting the sector.

Retailer Marks and Spencer was among the FTSE 100's top risers, up 1.4 percent after broker Peel Hunt upgraded its rating to "buy" from "hold" and raised its target price.

Paper and packaging company Mondi fell 2.5 percent after the Federal Antimonopoly service of the Russian Federation said it had initiated an investigation into Mondi Syktyvkar over the pricing of offset paper.

Mondi said it had not yet received any FAS notification.

Downgrades by investment bank Credit Suisse weighed on car insurer Admiral Group (>> Admiral Group plc) and Rolls-Royce Holdings (>> Rolls-Royce Holding PLC), which fell 1.3 percent and 0.7 percent respectively.

The FTSE 100 index is down just over 1 percent so far in 2016.

(Editing by Catherine Evans)

By Kit Rees


© Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
ADMIRAL GROUP PLC -0.45% 2234 Delayed Quote.-29.24%
ANGLO AMERICAN PLC -4.03% 2818.5 Delayed Quote.-6.55%
EASYJET PLC 2.81% 376.9 Delayed Quote.-32.21%
FTSE 100 -0.01% 7168.65 Delayed Quote.-2.92%
GLENCORE PLC -4.53% 424.95 Delayed Quote.13.34%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. 1.13% 108.84 Delayed Quote.-23.61%
MONDI PLC 0.03% 1455.5 Delayed Quote.-20.29%
MSCI UNITED KINGDOM (STRD) -1.16% 1036.11 Real-time Quote.-10.75%
RIO TINTO PLC -1.67% 4834.5 Delayed Quote.-1.18%
ROLLS-ROYCE HOLDINGS PLC 3.77% 86.08 Delayed Quote.-29.95%
RYANAIR HOLDINGS PLC 2.00% 11.5 Real-time Quote.-24.59%
S&P UNITED KINGDOM (PDS) -0.02% 1467.11 Real-time Quote.-0.70%
WIZZ AIR HOLDINGS PLC 5.44% 1849.5 Delayed Quote.-55.84%
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OCADO GROUP PLC 814 Delayed Quote.4.20%
SSE PLC 1677.5 Delayed Quote.3.81%
ROLLS-ROYCE HOLDINGS PLC 86.08 Delayed Quote.3.77%
MELROSE INDUSTRIES PLC 154.2 Delayed Quote.3.01%
COMPASS GROUP PLC 1728 Delayed Quote.2.86%
AUTO TRADER GROUP PLC 542.2 Delayed Quote.-2.31%
ANTOFAGASTA PLC 1121.5 Delayed Quote.-2.90%
ABRDN PLC 154.5 Delayed Quote.-3.35%
ANGLO AMERICAN PLC 2818.5 Delayed Quote.-4.03%
GLENCORE PLC 424.95 Delayed Quote.-4.53%
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