Egypt posts record EGP629b primary surplus in 2024/25    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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FTSE 100 hanging at 11-month high as miners, housing shares surge
Published in Amwal Al Ghad on 11 - 07 - 2016

U.K. stocks edged up Monday, with gains for miners and housing shares helping to keep the blue-chips benchmark at its highest in 11 months.
The FTSE 100 picked up 0.6% to 6,632.25, adding to Friday's 0.9% advance Stocks on Friday moved solidly higher after a stronger-than-expected reading of U.S. jobs data eased concerns about economic growth in the world's largest economy.
The benchmark on Friday ended at its strongest level since Aug. 11, according to Dow Jones data, at 6,590.64.
"The FTSE is continuing to prove its post-Brexit resilience, boosted by a wave of multinationals ostensibly excited by the cheaper pound," wrote Connor Campbell, financial analyst, at Spreadex, in a note.
The pound on Monday was buying $1.2899 compared with $1.2954 late Friday.
Mining shares pushed higher Monday, with the index topped by Glencore PLC and Anglo American PLC as their shares rose 5% and 4.4%, respectively. Copper miner Fresnillo PLC picked up 3.8%.
Data released in China on Sunday showed the country's consumer price index rose 1.9% in June from a year earlier. That was slightly less than May's increase of 2%, but it was higher than The Wall Street Journal consensus estimate of a 1.8% rise. The reading still gives the country's central bank room to ease monetary policy, analysts said.
Mining shares tend to be sensitive to developments in China as the country is a key buyer of industrial and precious metals.
Housing stocks, which were hit last week on fears about deteriorating conditions in the sector, advanced. Barratt Developments PLC rose 3.2%, Persimmon PLC rose 2.7% and Taylor Wimpey PLC gained 2.6%.
Among decliners, Dixons Carphone PLC fell 2.3% following a ratings downgrade of the electronic retailers to equal weight at Barclays. Barclays foresees pressure on big-ticket household items such as TVs and white goods during the second half of this year and into fiscal 2017 leading to a drag on Dixon's earnings.
Source: MarketWatch


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