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London stocks up as oils and miners rise on China stimulus talk
London stocks ended a five day losing streak this morning, as miners and energy companies rose.
In early trade the FTSE 100 was ahead 77.66 or 1.17% to 6,734. Miners to gain included BHP Billiton and Rio Tinto. Among oils, Tullow Oil and Royal Dutch Shell were notable risers.
The gains in London follow stocks in China rising to their highest levels in three years as hopes grew Beijing will ease monetary policy further after a surprise interest-rate cut last month. There was talk also that People's Bank of Chinamay reduce banks' reserve requirements, which helped boost financials in Shanghai.
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The Russian rouble is in sharp focus after its biggest one-day slide yesterday, giving up 9% at one stage before reversing on some of decline. Russia is heavily dependent on revenues from oil exports, making its currency vulnerable to falling prices.
Elsewhere on the companies front, Royal Mailwas down nearly 3% in morning trade after watchdog Ofcom said the universal postal service, which obliges the Royal Mail to deliver across the country for a single price, is not under threat. Theregulator said it saw no reason to overhaul rules to force rivals to take on part of that obligation.
Insurance giantAvivarevealed it has agreed a £5.6bn takeover of rivalFriends Lifein a deal giving the latter's shareholders just over a quarter of the combined group. Bloomberg notes that the all-share deal creates a market leader with 16 millionlife insurance customers. Analysts said the cost savings from the combination were higher than expected but would take several years to be achieved.
Elsewhere, commercial vehicle hire company Northgatepleased the market after it reported a 49% increase in first half underlying profits. It hiked its dividend by over a third and assured trading since the half-year has been "slightly ahead" of expectations.
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Join more than 165,000 subscribers and keep yourself informed with the latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Kam is a former deputy editor at Hemscott Invest and online editor, City A.M and he was also previously the Digital Editor at IFA Magazine. Kam is currently a senior journalist at The Global Treasurer and contributes to MoneyWeek. Kam shares expertise on the FTSE 100, investing and global stocks.
