LONDON MARKETS: FTSE 100 Breaks Four-day Losing Streak
By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Most U.K. stocks showed positive moves on Monday, tracking an upbeat sentiment across Europe, with shares of Aggreko PLC rallying after a trading update.
The FTSE 100 index rallied 1.3% to close at 6,522.20, snapping a four-day losing streak. On Friday, the benchmark closed lower for a sixth straight week.
Aggreko jumped 8.5% after the temporary-power provider said it expects full-year results to be ahead of expectations.
Shares of BP PLC (BP) climbed 1.6% after the oil giant and the government of the Sultanate of Oman agreed on a production-sharing project for the Khazzan field.
Some other oil firms were also higher, with BG Group PLC up 1.6%, Royal Dutch Shell PLC (RDSB) rising 0.9% and Tullow Oil PLC inching 0.8% higher. Oil prices rose.
Mining firms were initially among decliners in London on Monday after the HSBC/Markit purchasing managers' index for China showed growth in the manufacturing sector eased in December, but the sector erased losses and rose with the broader market.
The "flash" version of the index fell to 50.5, down from November's final reading of 50.8. Miners are sensitive to growth indications from China as the country is a major user of natural resources. Most metals prices were, however, higher on Monday.
Vedanta Resources PLC gained 2.8%, BHP Billiton PLC (BHP) added 2% and Glencore Xstrata PLC (GLCNF) put on 1.4%.
Banks rose also, with shares of Royal Bank of Scotland Group PLC (RBS) up 1.5%, HSBC Holdings PLC (HSBC) 1.1% higher and Barclays PLC (BCS) rising 1.4%.
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(END) Dow Jones Newswires 12-16-131228ET Copyright (c) 2013 Dow Jones & Company, Inc.