Better than expected Chinese data helped the London market stabilise following the Bank of England-inspired sell off.
Michael Hewson, senior analyst at CMC Markets, said: “After Wednesday’s slide Europe’s markets have regained an element of equilibrium, helped by some better than expected Chinese trade data which showed that both imports and exports experienced a recovery in July. This has helped spawn a recovery in mining stocks ahead of Chinese July industrial production data.”
Anglo American, Antofagasta and Glencore Xstrata were on the Footsie risers’ board, all up well over 3 per cent at 1,454.5p, 876.5p and 280.4 respectively. The FTSE 100 Index added 18.47 points to close at 6,529.68.
The wider market was also helped by further signs that the US economy is on the mend, as new jobless claims came in below forecasts for the week.
Fund manager Schroders was the biggest blue chip faller its assets under management declined by more than expected in the second quarter, sending its shares down more than 5 per cent to 2,368p.
But Scottish rival Aberdeen Asset Management, which saw shares slide after its own results last week, was bolstered by a “buy” note from Shore Capital. The broker said recent outflows did not significantly affect its forecast figures for Aberdeen, and the shares appeared undervalued compared to peers. They gained 1p yesterday at 379.8p.
Insurer Aviva was the stand out performer after impressing investors with its first half results. The shares leapt 28.2p, or 7.6 per cent, to 399p. Its performance helped Old Mutual extend its own results day gains from the previous session, adding a further 4.9p at 203p.
Standard Life, on the other hand, disappointed with its figures and saw shares punished despite a rise in profits. It was 9.9p lower at 377.5p.