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FTSE advances, shrugs off declines in commodities

Reuters
People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett

By Kit Rees

LONDON (Reuters) - British shares edged higher on Monday as commodities-related stocks shrugged off declines in copper and oil prices, although Mondi (MNDI.L) fell on news of an anti-monopoly investigation.

Britain's blue-chip FTSE 100 index (.FTSE) was up 0.4 percent at 6,170.55 points by 0855 GMT, in line with the broader European market.

Miner Rio Tinto (RIO.L) led the gainers on the FTSE 100 index, up 2.4 percent, with analysts citing a supportive rise in the price of iron ore during the Asian session.

Miners Anglo American (AAL.L), Glencore (GLEN.L) and BHP Billiton (BLT.L) shrugged off a decline in copper prices and concerns over Chinese demand, although some investors were expecting the sector to remain volatile.

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"Given the fact that we probably are expecting to see a stronger U.S. dollar and weaker growth globally, then these basic metals will likely continue to be problematic and cut into profit margins," said Brenda Kelly, head analyst at London Capital Group.

Travel and leisure stocks also gained, with budget airline easyJet (EZJ.L) 0.8 percent higher after Irish-listed Ryanair Holdings (RYA.I) posted a jump in March traffic figures.

IAG (ICAG.L) rose 1.8 percent and mid-cap Wizz Air (WIZZ.L) advanced 1.2 percent, with analysts citing a weaker oil price as supporting the sector.

Retailer Marks and Spencer was among the FTSE 100's top risers, up 1.4 percent after broker Peel Hunt upgraded its rating to "buy" from "hold" and raised its target price.

Paper and packaging company Mondi fell 2.5 percent after the Federal Antimonopoly service of the Russian Federation said it had initiated an investigation into Mondi Syktyvkar over the pricing of offset paper.

Mondi said it had not yet received any FAS notification.

Downgrades by investment bank Credit Suisse weighed on car insurer Admiral Group (ADML.L) and Rolls-Royce Holdings (RR.L), which fell 1.3 percent and 0.7 percent respectively.

The FTSE 100 index is down just over 1 percent so far in 2016.

(Editing by Catherine Evans)