Britain's FTSE edges up helped by banks, miners

By Reuters / July 25, 2018 / in.investing.com / Article Link

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* FTSE 100 up 0.4 pct as miners, banks rise

* Spectris down on cost saving disappointment

* Britvic , Close Brothers gain after updates

MILAN, July 24 (Reuters) - Britain's top share index rose on Tuesday as gains in banks and mining companies offset weakness in energy stocks.

Trading activity was lackluster with the FTSE 100 remaining within the tight range it has been moving in over the last few weeks due to uncertainty over the outcome of Brexit talks.

By 0830 GMT, the FTSE was up 0.4 percent, while the mid-cap index added 0.3 percent, helped by some positive earnings updates.

"There doesn't look like there's much on the agenda to help the FTSE with its momentum-problem, unless, perhaps, the pound suffers in the aftermath of the day's US... PMIs" said Spreadex analyst Connor Campbell.

Banks were supported by a surge in government bond yields on exceptions over monetary policy tightening in the United States and Japan with HSBC HSBA.L , Barclays BARC.L and Lloyds LLOY.L trading 0.7-1.4 percent higher.

Mining companies were also providing support with heavyweights Rio Tinto RIO.L , Glencore GLEN.L and BHP BLT.L up more than 1 percent, as copper prices rebounded on concerns over possible disruptions to supply from the world's biggest copper mine. price moves were driven by broker recommendations. Royal Mail RMG.L rose 1.9 percent after HSBC upgraded the stock to buy from hold, while TV firm ITV (LON:ITV) gained 0.8 percent following a JP Morgan price target upgrade.

On the mid cap index, Spectris SXS.L fell 8 percent with analysts disappointed the electrical components supplier provided no further details on cost saving programmes. SDRY.L was another big faller, down 6.9 percent after co-founder Julian Dunkerton sold down its stake in the fashion retailer, prompting Liberum to cut its rating to hold. in soft drinks company Britvic BVIC.L and lender Close Brothers CBRO.L both rose more than 2 percent after well-received trading updates.

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