Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

FTSE rises as China recovery hopes boost markets

FTSE rises as China recovery hopes boost markets

The FTSE 100 opened ahead as stronger Chinese manufacturing data pushed markets higher.

China’s manufacturing sector expanded in November for the first time in over a year. Preliminary results from the HSBC China flash purchasing managers index (PMI) increased to a 13-month high, at 50.4, indicating a pick-up in the country’s biggest economic sector.

The figures add to a recovery scenario for China as the country also posted credit growth, rising exports and stronger industrial production in October.

Copper prices rebounded on the better-than-expected figures, to break two consecutive sessions of losses. Three-month copper on the London Metal Exchange climbed 0.48% to $7,728.75 a tonne.

The FTSE 100 moved up 0.45%, or 26 points, to 5,777 and the Mid-250 index rose 0.28%, or 33 points, to 11,816.

There was also better-than-expected PMI data from France and strong production figures from Germany to boost European markets.

Germany’s DAX index took on 0.68% to 7,233; France's CAC 40 index added 0.47% to 3,494; the FTSEurofirst 300 index of top European shares gained 0.5% to 1,103; and the euro strengthened against the dollar, up 0.26%, to $1.286.

Trading volumes are expected to be low today as US markets will be closed for the Thanksgiving holiday, and tomorrow’s session will be shorter.

SABMiller (SAB.L) led the FTSE 100 higher advancing 117p, or 4.5%, to £27.50 after the beer giant posted a 12% increase in first half profit of $2.76 billion (£1.72 billion). Strong growth from Latin America offset a 10% decline in European earnings and its newly acquired Australian brewer Foster’s ‘contributed significantly’ to growth.

Man Group (EMG.L) regained 3p, or 4%, to 76p as the struggling hedge fund group moved $1.5 billion from its flagship AHL fund to an experimental portfolio in order to boost returns. The group also sold for $456 million (£286 million) claims to the estate of defunct US investment bank Lehman Brothers which it obtained with its acquisition of GLG Partners last year.

Gas producer BG Group (BG.L) added 11.5p, or 1.1%, to £10.71, as reports in the Daily Mail speculate that the company could be the target of a takeover bid from Brazilian company Petrobras. BG Group’s shares have fallen 20% since the start of the month when it warned of further production delays.

Got to our FTSE data pages to see the day's other risers and fallers    

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Gutteridge and Foster discuss UK commercial property with Jason Baggaley, manager of the Standard Life Property Income investment trust

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Gutteridge puts the heat on Odey's asset allocation maestro with a couple of tough questions.

Brewin's Foster & Gutteridge: searching for the yield of dreams

Brewin's Foster & Gutteridge: searching for the yield of dreams

Guy Foster and Ben Gutteridge discuss the latest upbeat US payroll report and how it has increased the probability of a first hike in interest rates in June.

Your Business: Cover Star Club

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Growing a business is the main aim of many company owners but managing that growth in a controlled way is just as important

Wealth Manager on Twitter