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FTSE up 0.6 pct as miners, oils bounce

Mon Nov 2, 2009 5:44pm IST
 
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* Oils, miners gain with firmer commodity prices * Banks mixed; RBS falls as divestments expected

* British Airways weak ahead of results due Friday

By David Brett

LONDON, Nov 2 (Reuters) - Britain's top share index rose 0.6 percent in mid-session trade on Monday supported by gains from miners and oils after bullish economic data, which offset weaker defensive stocks.

By 1205 GMT the FTSE 100 was up 31.71 points at 5,076.26, having fallen 1.8 percent on Friday, notching up its largest weekly fall, at 3.8 percent, since March.

The index fell 1.7 percent overall in October, the first monthly drop since June but is still up about 46 percent since its March low.

Miners were the top gainers boosted by a rise in copper, which was underpinned by strong purchasing managers data from both the UK and China, highlighting that a recovery in demand is well underway.

In the UK the CIPS/Markit purchasing managers index of manufacturing activity rose at its fastest rate in two years in October and new orders rose at their fastest in almost six years as firms started rebuilding their stocks. [ID:nLAG005885]  Continued...

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