FTSE 100 Rises As Manufacturing Rebounds

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(RTTNews.com) - U.K. stocks opened notably higher on Friday as investors welcomed news on the formation of a new government in Italy, the euro zone's third-largest economy.

The benchmark FTSE 100 was up 57 points or 0.75 percent at 7,735 in late opening deals after closing 0.2 percent lower in the previous session.

The pound strengthened after survey data from IHS Markit and Chartered Institute of Procurement & Supply showed the U.K. manufacturing sector expanded at a faster pace in May.

The manufacturing Purchasing Managers' Index rose unexpectedly to 54.4 in May from a 17-month low of 53.9 in April. The score was expected to drop to 53.5.

Mining stocks led the surge, with Antofagasta rallying 1.8 percent, Glencore rising 2.9 percent and Anglo American climbing 3.5 percent.

Rio Tinto advanced 1.9 percent after completing the sale of its 75 percent interest in the Winchester South coal development project in Queensland, Australia, to Whitehaven Coal Limited.

Royal Bank of Scotland Group gained 1.6 percent after Standard & Poor's upgraded the long-term ratings of National Westminster Bank Plc.

Read the original article on RTTNews (http://www.rttnews.com/2900742/ftse-100-rises-as-manufacturing-rebounds.aspx)

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

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