FTSE 100 Rises After Upbeat Retail Sales Data

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(RTTNews.com) - U.K. stocks rose on Thursday as worries about Turkey eased and a government report showed U.K. retail sales increased more than expected in July.

Retail sales including auto fuel, rose 0.7 percent month-on-month in July, in contrast to a 0.5 percent fall in June. Sales were forecast to increase by 0.2 percent.

On a yearly basis, overall retail sales volume growth accelerated to 3.5 percent in July from 2.9 percent a month ago.

Meanwhile, the Turkish lira extended gains for a third day on news of financial support from Qatar and ahead of a presentation by Finance Minister Berat Albayrak to investors.

The benchmark FTSE 100 was up 43 points or 0.57 percent at 7,540 in late opening deals after losing 1.5 percent the previous day.

Mining stocks led the surge after China said it would hold a fresh round of talks with the United States later this month, in an effort to diffuse tensions.

Antofagasta rose about 1 percent, Glencore advanced 1.7 percent and Rio Tinto rallied 1.5 percent.

British American Tobacco gained 1.3 percent and Imperial Brands added 0.7 percent as the pound hovered near 2018 lows.

Barclays shares rose 1 percent. A senior Barclays trader has faced losses of about 15 million pounds or $19 million on Turkish bonds over the past few days, the Bloomberg reported citing people familiar with the matter.

Home improvement retailer Kingfisher lost 2.6 percent after quarterly underlying sales at its French business Castorama fell 3.8 percent.

Wood Group climbed 2 percent after it reached an agreement to dispose of its 50 percent interest in the Voreas S.r.l wind farm joint venture in Italy for a cash consideration of around $27 million.

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This article appears in: Stocks , World Markets , Politics
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