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LONDON MARKETS : FTSE 100 Rises As Miners, ITV Advance

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07/17/2017 | 10:08am CET

By Carla Mozee, MarketWatch

EasyJet's stock falls as its CEO heads to ITV

U.K. stocks advanced Monday, with mining shares lifted after key metals buyer China posted better-than-expected economic growth figures, while ITV PLC shares rose on news of that the broadcaster has named a new chief executive.

The FTSE 100 index rose 0.4% to 7,411.71. All sectors gained ground, fronted by the basic materials, health care and oil and gas groups. A win Monday would be the index's first in four sessions. Last week, it finished up 0.4%.

Mining shares were among the strongest performers Monday after China's second-quarter gross domestic product growth came in at 6.9%, higher than a 6.8% estimate in a Wall Street Journal survey of economists. Mining shares can be sensitive to China data, as the country is a major consumer of industrial and precious metals.

"The private-sector dominated manufacturing sector will continue to lead the recovery, which is positive for productivity growth and can also help to ease debt concerns," said HSBC economist Julia Wang in a note.

Shares of precious metals miner Fresnillo PLC (>> Fresnillo) climbed 1.9%, Glencore PLC (>> Glencore) added 1.5%, Anglo American (>> Anglo American) put on 1.9% and Rio Tinto PLC (>> Rio Tinto plc) (>> Rio Tinto plc) (>> Rio Tinto plc) climbed 1.2%.

Also, BHP Billiton PLC (>> BHP Billiton Plc) (>> BHP Billiton Limited) (>> BHP Billiton Limited) picked up 1% and Randgold Resources Ltd. (>> Randgold Resources) tacked on 0.7%.

Mining stocks make up 88% of the weighting in the basic materials group, and that group contributes an 8% weighting to the FTSE 100, FactSet data show.

Meanwhile, ITV PLC shares (>> ITV) popped up 2% after the broadcaster, whose stable of shows includes "Downton Abbey," said easyJet PLC's (>> EasyJet) boss Carolyn McCall will become its new chief executive on Jan. 8 . EasyJet said it's already started looking for McCall's successor. Shares of the budget airline fell 0.5%.

The pound fetched $1.3071, down from $1.3102 late Friday in New York. The pound climbed more than 1% last week.

The U.K.'s Brexit secretary David Davis was back in Brussels Monday to resume talks with European Union officials about Britain's exit from the bloc.

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