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UPDATE 2-Chinese data, Antofagasta help FTSE 100 end longest losing streak in years

Published 15/07/2019, 17:15
© Reuters.  UPDATE 2-Chinese data, Antofagasta help FTSE 100 end longest losing streak in years
UK100
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BALF
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ANTO
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PSN
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MCRO
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FRAS
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FTMC
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FTNMX551030
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GOLD
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* FTSE 100 up 0.3%, FTSE 250 up 0.2%
* Antofagasta among biggest blue-chip gainers
* Sports Direct falls after delaying results

(Adds company news items, updates share prices)
By Muvija M
July 15 (Reuters) - London's FTSE 100 clawed back some
ground on Monday, ending its longest losing streak in
three-and-a-half years as Chinese data eased investor concerns
over a global growth slowdown.
After seven sessions of losses, the FTSE 100 .FTSE rose
0.3%, with miner Antofagasta surging after a favourable
arbitration verdict. Midcaps .FTMC gained 0.2%.
The data from China showed industrial output and retail
sales comfortably topping forecasts, but economic growth slowed
to its weakest pace in at least 27 years. "Bad news = good news. Relatively lacklustre growth in China
has the market baying for more stimulus," Markets.com analyst
Neil Wilson wrote. He said there were "signs of encouragement"
in the output and retail sales data.
The biggest support to the blue-chip index came from miners
.FTNMX1770 , which have substantial exposure to China - the
world's No.2 economy and top metals consumer.
Antofagasta ANTO.L jumped 4% after a World Bank tribunal
ordered Pakistan to pay damages of $5.8 billion to Tethyan
Copper, a joint venture between the company and Barrick Gold
ABX.TO , in a dispute over a copper mine. Micro Focus MCRO.L skidded nearly 6% after a filing showed
executive chairman Kevin Loosemore had sold about 11.6 million
pounds worth of its shares.
Homebuilder Persimmon PSN.L was down 3% after the Times
said a television investigation was set to reveal concerns about
the quality of the company's properties and customer service.
On the midcap index, retailer Sports Direct SPD.L slumped
10% on its worst day this year after it delayed preliminary
results, citing problems integrating its House of Fraser
business and increased scrutiny of its accounts that could
affect guidance. Infrastructure group Balfour Beatty BALF.L fell 3% after
news that a unit of the company had appointed Hunton Andrews
Kurth LLP to investigate allegations that it falsified
maintenance records at a U.S. Air Force base.

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