London’s main market rose 57.9 points to 5,666.1 today amid relief that China’s growth was in-line with forecasts.
The world’s second-largest economy grew by 7.6% in the three months ending in June, which was its slowest quarter for three years but broadly in line with expectations – boosting heavily-weighted mining stocks in the FTSE 100 Index, with Kazakhmys rising 42.5p to £7.44 and Evraz adding 11.1p to 254.7p.
Luxury goods group Burberry, which has benefited from the explosive growth in the Chinese economy, was 6% stronger after a rollercoaster week that saw shares slump 10% at one point. The stock has since shown signs of recovery and was up 71p to £12.29 today.
Other big risers in the Footsie included Polymetal International up 56p at £8.77.
One of the biggest fallers in the top flight was G4S amid continued worries about the damage to its reputation caused by its admission of staffing issues just two weeks before the Olympic Games.
G4S has lost more than £150million of its value in two days as investors worry that the crisis and the fall-out from last year’s failed £5.2billion takeover of Denmark’s ISS will cost the job of chief executive Nick Buckles. Shares were down 3% yesterday and fell another 1.5%, or 4.3p to 278.7p today.
It was joined on the way down by credit checking firm Experian, even though it reported revenue growth of 14% for the first quarter. Unfavourable exchange rates have impacted the business, contributing to negative sentiment and shares falling 19p to £9.32.
Scottish energy supply and generation firm SSE fell 12p to £14.08 after Citigroup downgraded its rating on the stock, saying the current price did not take into account the tough market conditions.
Alan MacPhee, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, highlighted Wood Group up 3.46% at 747.75p, Cairn Energy rising 2.26% to 275.9p and Aberdeen Asset Management 1.81% higher at 258.8p.
Johnston Press slipped 1.48% to 5p and Faroe Petroleum was 0.52% weaker at 142.875p.