FTSE 100 Recovers From Weak Start

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(RTTNews.com) - U.K. shares recovered from early losses to trade marginally higher on Thursday as higher commodity prices helped lift mining and energy stocks and the pound weakened slightly after the release of disappointing services sector data.

The IHS Markit/Chartered Institute of Procurement & Supply services Purchasing Managers' Index rose to 52.8 in April from 51.7 in March. Nonetheless, the reading was below the forecast of 53.5.

The benchmark FTSE 100 was marginally higher at 7,553 in late opening deals after rising 0.3 percent in the previous session.

Oil majors BP Plc, Royal Dutch Shell and Tullow Oil all rose about half a percent.

In the mining sector, Glencore advanced 1.3 percent after saying it expects 2018 earnings from its trading division to be at the top end of its previously forecast range.

Anglo American rose half a percent and Antofagasta rallied 1.5 percent.

Smith & Nephew shares plummeted 6 percent after the company cut its forecast for full-year underlying revenue growth and profit margin.

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This article appears in: Stocks , Politics , Oil
Referenced Symbols: BP ,

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