Markets

FTSE 100 Moves Higher On China Data

(RTTNews) - U.K. stocks rose on Friday, with resource stocks pacing the gainers, after a private survey showed October factory activity in China expanded at its quickest pace since February 2017, helping offset renewed concerns over the potential for a long-term trade deal between the United States and China.

The Caixin/Markit manufacturing PMI rose to 51.7 in October from 51.4 for September, as production and new orders both expanded at a faster pace.

The data contrasted with the official gauge showing a contraction for the sixth consecutive month.

The benchmark FTSE 100 was up 26 points, or 0.36 percent, at 7,274 after losing 1.1 percent on Thursday.

Miners Anglo American, Antofagasta and Glencore were up between half a percent and 1 percent.

BHP Group rose about half a percent after it has approved $44 million for BHP Billiton Brasil Ltda's share of funding for work related to the restart of Samarco operations at its Germano complex in Minas Gerais, Brazil.

Oil & gas firm BP Plc climbed 1.2 percent and Royal Dutch Shell added 0.7 percent as oil prices steadied after a rough week on concerns over the outlook for energy demand.

Vodafone Group gained half a percent after announcing a strategic partnership with Fairphone.

Pest control firm Rentokil Initial gained nearly 1 percent after announcing the acquisition of Florida Pest Control.

Tesco advanced 0.8 percent after it pledged to remove one billion pieces of plastic packaging from products in its U.K. stores by the end of 2020.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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