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London Market Report London Market Report
(about 3 hours later)
(Open): Shares in mining firms rose after a survey indicated that China's manufacturing sector grew at its fastest pace for six months in June. (Open): Mining shares led the market higher after a survey indicated China's manufacturing sector grew at its fastest pace for six months in June.
Rio Tinto rose 2.6% and Randgold Resources added 2.1% as the mining sector helped to pull the FTSE higher. China is the world's biggest consumer of metals, so the news lifted the mining sector in London.
The benchmark FTSE 100 index rose 29.24 points to 6,773.18. Shares in Anglo American and Rio Tinto rose by 2.7% and Randgold Resources was 2.1% higher.
In the FTSE 250, shares in online retailer Ocado fell nearly 5% despite it reporting a half-year pre-tax profit of £7.5m. In lunchtime trade, the benchmark FTSE 100 index was up 36.52 points, or 0.5%, at 6,780.46.
Shares in supermarket giants Tesco and Morrisons both fell after the latest survey from market research firm Kantar Worldpanel showed them losing sales and market share.
In the 12 weeks to 22 June, Tesco's sales were down 1.9% from a year earlier, with its market share dropping to 28.9% from 30.3%. Sales at Morrisons fell 3.8% with its market share down to 10.9% from 11.7%.
Tesco's shares fell 1.2% while Morrisons' were 2% lower.
In the FTSE 250, shares in online retailer Ocado fell 4.2% despite it reporting a half-year pre-tax profit of £7.5m.
Analysts noted a slowdown in sales growth and there are also concerns about fierce price competition in the grocery sector.Analysts noted a slowdown in sales growth and there are also concerns about fierce price competition in the grocery sector.
Shares in Greggs rose 1.9% after the bakery chain said it was on track to report better half-year results. Shares in Greggs rose 3.2% after the bakery chain said it was on track to report better half-year results.
Like-for-like revenues increased 3.2% in the 26 weeks to 28 June, and Greggs says it now expects to report half-year operating profits of £16m-£17m, compared with £11.5m a year earlier.Like-for-like revenues increased 3.2% in the 26 weeks to 28 June, and Greggs says it now expects to report half-year operating profits of £16m-£17m, compared with £11.5m a year earlier.
On the currency markets, the pound was flat against against the dollar at $1.7104 was also unchanged against the euro at 1.2493 euros. On the currency markets, the pound rose 0.14% against the dollar to $1.7130 and was up 0.17% against the euro at 1.2514 euros.