London open: Miners pace the advance ahead of manufacturing PMI

London stocks rose in early trade on Tuesday, with miners pacing the advance as investors eyed the latest reading on the UK manufacturing sector.

At 0855 BST, the FTSE 100 was up 0.6% at 7,061.03.

Spreadex analyst Connor Campbell said: "Setting aside worries of the spread of the ‘Indian’ covid variant, and what that will mean for the intended end of lockdown on June 21st, the FTSE enjoyed the sunshine as the month got underway."

Campbell said the UK index "benefited from a strong performance from its miners and, after news of surging house prices thanks to the stamp duty holiday rush, some nice gains from the likes of Barratt Developments and Persimmon".

"The FTSE is now trading just short of 7,080; finish the day at that price, and it would be its best close in over a fortnight. However, it spiked above 7,050 multiple times in the final week or so of May, but was unable to build any sense of momentum, wilting at the closing bell each day. If it can avoid the same fate this afternoon, the FTSE could find itself turning a corner."

On the macroeconomic calendar, Markit’s manufacturing purchasing managers’ index for May is due at 0930 BST.

In equity markets, miners were the standout gainers as copper and iron prices pushed up, with Anglo American, Antofagasta, BHP, Rio and Glencore all higher.

Waste management company Biffa rallied after it said it swung to a full-year pre-tax loss but struck an upbeat note on the outlook.

DIY retailer Wickes - which was recently spun off from Travis Perkins - gained as it reported a surge in year-to-date sales and lifted its full-year profit expectations.

JD Sports rose after it denied that it was searching for a successor to chief executive and chairman Peter Cowgill following reports over the weekend that investors were unhappy with his dual role.

On the downside, pharmaceuticals group Vectura tumbled as it traded without entitlement to the dividend.

Market Movers

FTSE 100 (UKX) 7,061.03 0.55%
FTSE 250 (MCX) 22,793.02 0.48%
techMARK (TASX) 4,369.49 -0.30%

FTSE 100 - Risers

Anglo American (AAL) 3,246.50p 3.56%
M&G (MNG) 252.90p 3.44%
Evraz (EVR) 659.00p 3.36%
Rio Tinto (RIO) 6,267.00p 3.35%
BHP Group (BHP) 2,184.00p 2.87%
Antofagasta (ANTO) 1,586.50p 2.72%
Fresnillo (FRES) 922.00p 2.72%
Glencore (GLEN) 329.85p 2.61%
Weir Group (WEIR) 1,964.00p 2.29%
Royal Mail (RMG) 591.40p 2.21%

FTSE 100 - Fallers

HSBC Holdings (HSBA) 450.00p -1.16%
Ocado Group (OCDO) 1,869.00p -1.06%
Hikma Pharmaceuticals (HIK) 2,422.00p -0.90%
London Stock Exchange Group (LSEG) 7,506.00p -0.90%
BT Group (BT.A) 173.70p -0.66%
Smith & Nephew (SN.) 1,531.50p -0.58%
AstraZeneca (AZN) 8,008.00p -0.47%
Imperial Brands (IMB) 1,592.50p -0.47%
Rolls-Royce Holdings (RR.) 106.52p -0.47%
Diageo (DGE) 3,388.50p -0.46%

FTSE 250 - Risers

Biffa (BIFF) 314.00p 7.35%
Tullow Oil (TLW) 53.70p 4.68%
Wickes Group (WIX) 267.00p 4.30%
Ferrexpo (FXPO) 466.40p 4.11%
Centamin (DI) (CEY) 114.20p 4.10%
Provident Financial (PFG) 246.60p 3.61%
SSP Group (SSPG) 303.80p 3.30%
Petropavlovsk (POG) 25.76p 3.29%
IWG (IWG) 371.00p 3.06%
Energean (ENOG) 793.50p 2.99%

FTSE 250 - Fallers

Vectura Group (VEC) 140.20p -11.82%
Oxford Instruments (OXIG) 1,986.00p -4.06%
Hammerson (HMSO) 38.73p -3.05%
AO World (AO.) 256.60p -1.31%
Babcock International Group (BAB) 295.30p -1.27%
Contour Global (GLO) 189.60p -1.25%
Schroder Oriental Income Fund Ltd. (SOI) 278.00p -1.24%
easyJet (EZJ) 995.60p -1.08%
TUI AG Reg Shs (DI) (TUI) 427.80p -1.00%
Avon Rubber (AVON) 3,066.00p -0.97%