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FTSE 100 up 0.1%; FTSE 250 up 0.3%
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BP appoints Albert Manifold as chairman
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Miners rise on China stimulus hopes
By Sukriti Gupta
July 21 (Reuters) - London's main stock indexes nudged
higher on Monday, supported by industrial metal mining stocks
that jumped on hopes of a stimulus from the world's largest
commodity consumer, China.
The internationally-oriented FTSE 100 was up 0.1% as
of 0929 GMT, after logging its fourth straight week of gains on
Friday, while the domestically-oriented midcap FTSE 250 index
rose 0.3%.
The blue-chip index had surged to all-time highs last week
as investors took comfort in a relatively U.S. tariff-shielded
market, higher commodity prices and hopes of a Bank of England
rate cut.
On the day, the UK industrial metal mining stocks index
led sectoral gains with a 3.3% rise, tracking a
rise in metal prices after China vowed to stabilise its
industrial growth, and on hopes for more stimulus from the
world's largest commodity consumer.
Miners Glencore ( GLCNF ) gained 3.7%, Anglo American
rose 3.5%, Antofagasta ( ANFGF ) advanced 3.3%, and Rio Tinto
up 2.8%.
Banks and financial services were down 0.3%,
with Standard Chartered ( SCBFF ) losing 0.9%, while Barclays ( BCS )
fell 0.6%.
The Bank of England has asked some lenders to test their
resilience to potential U.S. dollar shocks, three sources told
Reuters.
Aerospace and defence index lost 1.1%, led by
a 2.1% fall in BAE Systems.
The UK's personal goods index lost 1.6%,
dragged down by Burberry ( BBRYF ) that lost 1.9% after surging
to a near 17-month high on Friday.
Meanwhile, a Deloitte survey showed British consumer
sentiment had a marked fall for the first time in nearly three
years last month, reflecting increased worries about job
security.
Property site Rightmove said that asking prices for newly
advertised British houses and apartments recorded their biggest
July fall in more than 20 years this month.
In corporate updates, BP named Albert Manifold, the
former boss of building materials producer CRH, as its
new chairman on Monday.
The Financial Times reported on Sunday that London Stock
Exchange Group ( LDNXF ) is weighing whether to launch 24-hour
trading and is looking into the practicalities of increasing its
trading hours.