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FTSE 100 Modestly Higher As Pound Slips For Third Day


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(RTTNews.com) - U.K. shares were modestly higher on Thursday as a surge in commodity prices helped support mining stocks and the pound dropped after the release of weaker-than-expected retail sales data.

U.K. retail sales including auto fuel, dropped 1.2 percent month-on-month in March, in contrast to a 0.8 percent rise in February, the Office for National Statistics said. Sales were forecast to fall 0.6 percent.

The benchmark FTSE 100 was up 16 points or 0.22 percent at 7,332 in late opening deals after rallying 1.3 percent the previous day.

A surge in metals prices after Russian sanctions helped lift miners, with BHP Billiton, Glencore and Anglo American rising between 0.2 percent and 0.7 percent.

Department store group Debenhams dropped more than 2 percent. The company lowered expectations for annual profits after reporting another slide in sales and profits.

Engineering firm Weir Group jumped 5.5 percent. The company has unveiled plans to acquire U.S. competitor Esco Corp. after reporting Q1 revenues in line with expectations.

Acacia Mining plunged 8.5 percent after its first-quarter revenue fell 33 percent.


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This article appears in: Stocks , World Markets , Politics
Referenced Symbols: ABGLY ,


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