The UK stock market opened on an optimistic note today at 5,907.79 points, after reaching a one-month peak of 5,907.39 and closing in on September’s six month peak of 5,932.62 points, owing to signs of improving economic outlook in UK’s top consumer China.
Chinese economic growth slowed to 7.4% year-on-year in the third quarter, as expected, but forecast-beating industrial output and retail sales figures for September opened the door for an improvement in the final months of the year.
Miners added to the upswing by climbing 0.9%. But other sectors fell with food producers down 1.4% on news of easing sales at Swiss-giant Nestle. Diageo dropped 1%, a day after reporting low sales figures which on Thursday were echoed by a slowdown at rival spirits group Remy Cointreau. The UK stocks saw the energy sector adding just 0.1% following a downgrade to Shell by Goldman Sachs.
EVRAZ, the steel, mining and vanadium group, was in demand even though it saw production decrease in the third quarter while prices were hit by tough conditions in global steel markets.
This morning, the UK stock market’s top gainers were Evraz 259.40p +2.69%, Kazakhmys 777.00p +2.24%, Vedanta Resources 1,166.00p +1.66%, Antofagasta 1,324.00p +1.46%, Smiths Group 1,082.00p +1.41%, Anglo American 1,930.50p +1.31%, Eurasian Natural Resources Corp. 356.60p +1.25%, BHP Billiton 2,038.50p +1.22%, Rio Tinto 3,222.50p +1.21%, Tullow Oil 1,485.00p +1.16%.
The UK stocks which fell were Capital Shopping Centres Group 332.20p -2.15%
Unilever 2,309.00p -1.58%, Royal Bank of Scotland Group 282.60p -1.22%, Standard Chartered 1,469.50p -1.18%, Diageo 1,749.00p -1.10%, Smith & Nephew 658.00p -1.05%, SSE 1,443.00p -1.03%, Lloyds Banking Group (LLOY) 41.72p -1.01%, ITV (ITV) 91.55p -0.87%, Tate & Lyle (TATE) 701.00p -0.85%.