Stocks in the UK up on positive Chinese manufacturing figures

Published:  3 Jul at 9 AM

Better than expected manufacturing figures between China and the UK and Europe have helped to push stocks in the UK to and eight week high. An announcement that it may be about to sell off various divisions saw insurer Aviva Plc shares gain 3.7 per cent. Barclays Plc saw shares jump by 3.4 per cent following the resignation of Chairman Marcus Agius and Rio Tinto Group, one of the world’s largest miners, gained more than one per cent.
%The UK’s FTSE 100 Index rose 1.3 per cent with an increase of 69.49 points. This meant it closed at 5,640.64 points, the highest level since the beginning of May.
%The situation has also been helped by a decision by leaders in Europe to introduce €120 billion to try and stimulate the economy in the eurozone and an announcement that conditions will be eased on bailout loans being made to Spanish banks.
%Although analysts agree that data is promising, some are not convinced that the situation will continue to improve in the same way over the longer term. Other mining companies have also shown some improvement with the world’s largest, BHP Billiton Plc, gaining 1.3 per cent and Anglo American Plc adding one per cent to its share value.
%Energy companies have also made gains with BP adding 2.5 per cent, Tullow Oil going up 1.6 per cent and Weir Group Plc adding 2.2 per cent to the value of its shares.