Mon City brief: FTSE rebounds on China hopes
London stocks returned to their upward trajectory on better news from China. The FTSE100 closed up 0.82% at 7,052.13, with miners leading the charge on hopes the world’s second biggest economy will increase demand.
Hotels group IHG extended gains on rumours that it could merge with US peer Starwood Hotels & Resorts.
Oilfield services outfit Petrofac suffered a 10% decline after saying it expects to report a further loss on the Laggan-Tormore gas plant project on Shetland.
After an earlier rise, engineering software group Aveva dropped into the red with investors underwhelmed by a short, albeit positive, pre-close trading update which said annual results should meet analysts’ forecasts.