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(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. | |
China is the world's biggest consumer of metals, so the news lifted the mining sector in London. | |
Shares in Anglo American and Rio Tinto rose by 2.7% and Randgold Resources was 2.1% higher. | |
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 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 rose 0.14% against the dollar to $1.7130 and was up 0.17% against the euro at 1.2514 euros. |