London midday: Stocks lifted by rebound in miners

London stocks were given a boost by a rebound in mining shares on Friday as metal prices rose.

Miners Anglo American, Antofagasta and Rio Tinto were among the top risers on the FTSE 100 at the midday mark. Gold, silver and copper prices rose 0.22%, 0.56% and 1.04% on the Comex.

At the same time oil prices reversed the previous day’s declines as the global supply glut eased due to a series of production outages in Nigeria, Canada and Libya.

Brent crude rose 0.18% to $48.92 per share and West Texas Intermediate increased 0.28% to $48.81 per barrel at 1130 BST.

Adding to the positive sentiment, the CBI industrial order expectations hit a four-month-high of -8 in May against forecasts for -13 and compared to the previous month’s -11.

Overall output improved due to a rebound in the food and drinks sector, according to CBI’s survey of 489 manufacturers.

“May’s CBI Industrial Trends Survey suggests that the downturn in the manufacturing sector is relenting,” said Samuel Tombs, chief UK economist at Pantheon Macroeconomics.

“The manufacturing sector, however, is unlikely to see sustained growth soon. Sterling will appreciate and export orders will fall if, as we expect, the UK votes to remain in the European Union in June.”

Tombs added that domestic demand for manufactured goods will likely grow at a more gradual pace than in recent years as an increase in consumers’ real income slows in response to rising inflation and intensifying austerity.

There is little else on Friday’s economic calendar apart from US existing home sales figures at 1500 BST. However, the G7 meeting of finance ministers in Japan will be closely monitored.

On the company front, shares in precision instruments maker Spectris plunged after reporting a drop in like-for-like sales in a trading update for 1 January to 30 April.

Travel stocks including International Consolidated Airlines and easyJet declined after an EgyptAir flight went missing en route from Paris to Cairo.

Coca-Cola HBC advanced after Citigroup raised its rating on the stock to ‘buy’, as shares trade on a five-year peak discount to peers.

Close Brothers jumped after the financial services group said it delivered an improved third quarter performance, with good loan book growth, tighter cost control and better market conditions for its market making unit Winterflood.

Riverstone Energy slid after the investment company said its first quarter net asset value fell to $1.33bn from $1.34bn at the end of 2015.

Bookmaker Ladbrokes edged higher after the competition watchdog said the company and Gala Coral may have to shed hundreds of stores if their proposed merger is to go ahead.

Market Movers

FTSE 100 (UKX) 6,138.03 1.40%
FTSE 250 (MCX) 16,860.49 0.78%
techMARK (TASX) 3,048.29 0.72%

FTSE 100 - Risers

Coca-Cola HBC AG (CDI) (CCH) 1,356.00p 5.44%
Anglo American (AAL) 606.30p 4.66%
Antofagasta (ANTO) 432.20p 3.15%
Berkeley Group Holdings (The) (BKG) 3,177.00p 2.75%
Shire Plc (SHP) 4,222.00p 2.68%
Rio Tinto (RIO) 1,990.50p 2.63%
Glencore (GLEN) 131.45p 2.62%
Whitbread (WTB) 4,185.00p 2.57%
Inmarsat (ISAT) 757.50p 2.50%
Standard Chartered (STAN) 524.50p 2.48%

FTSE 100 - Fallers

International Consolidated Airlines Group SA (CDI) (IAG) 514.00p -0.19%
Marks & Spencer Group (MKS) 440.10p 0.18%
HSBC Holdings (HSBA) 427.60p 0.25%
SABMiller (SAB) 4,221.50p 0.27%
easyJet (EZJ) 1,465.00p 0.27%
Capita (CPI) 1,065.00p 0.28%
Johnson Matthey (JMAT) 2,905.00p 0.35%
GKN (GKN) 274.10p 0.37%
DCC (DCC) 6,400.00p 0.39%
Next (NXT) 5,355.00p 0.47%

FTSE 250 - Risers

Ladbrokes (LAD) 130.90p 9.54%
Henderson Group (HGG) 258.00p 4.92%
International Personal Finance (IPF) 265.70p 4.20%
Close Brothers Group (CBG) 1,276.00p 4.16%
Centamin (DI) (CEY) 112.30p 4.08%
Polymetal International (POLY) 822.00p 3.92%
Aberdeen Asset Management (ADN) 279.10p 3.68%
Aggreko (AGK) 1,148.00p 3.52%
Acacia Mining (ACA) 335.20p 3.49%
Evraz (EVR) 121.10p 3.06%

FTSE 250 - Fallers

Spectris (SXS) 1,651.00p -6.72%
AO World (AO.) 167.00p -3.24%
Indivior (INDV) 161.00p -2.48%
Riverstone Energy Limited (RSE) 857.00p -1.72%
Jimmy Choo (CHOO) 117.00p -1.60%
Allied Minds (ALM) 345.80p -1.51%
Serco Group (SRP) 90.65p -1.47%
Woodford Patient Capital Trust (WPCT) 94.00p -1.36%
Keller Group (KLR) 934.50p -1.11%
Entertainment One Limited (ETO) 172.00p -1.04%