Chinese data helps boost mining stocks

Market report Perry Gourley

The Footsie moved higher after positive Chinese economic data gave a boost to blue-chip mining stocks.

The index rose 25.74 points to 7,404.13, as China reported better-than-expected economic growth of 6.9 per cent in the second quarter, while industrial production outstripped forecasts and retail sales jumped 11 per cent yearon-year.

Shares in Chilean miner Antofagasta rose more than 2 per cent, or 19.5p to 878p, as investors expect a strong performance from the Chinese economy will mean the country’s healthy appetite for resources will continue.

Copper miner Glencore was also up 4.7p to 320.8p, and Anglo American stepped up by 13.5p to 1.130.5p.

The positive update from China also supported Brent crude, which rose 1.5 per cent before paring gains to climb 0.9 per cent to $48.84 a barrel.

Shares in ITV advanced after the broadcasting giant poached easyjet boss Carolyn Mccall to fill its vacant chief executive position.

ITV rose 2.3p to 177.3p, with Mccall taking over from Adam Crozier, who stepped down at the end of June. Easyjet shares rose 20p to 1,431p.

Troubled infrastructure giant Carillion was enjoying some relief on the second tier after investors cheered plans to appoint EY to help carry out a review of the business and news of a contract win. EY and Carillion will focus on “cost reduction and cash collection” following a torrid seven days for the firm. Shares in Carillion rose by 10.8p to close at 66.9p. The troubled construction firm saw its shares rally after a joint venture it is part of won a bid to design and build part of the £56bn HS2 rail link. Shares in the healthcare firm fell in the face of profit taking after strong gains last week in the wake of US approval for a product it manufactures.