UPDATE 2-FTSE rebounds as oil and mining stocks are lifted by U.S. and Chinese data

  • Reuters
  • Stock Market News
UPDATE 2-FTSE rebounds as oil and mining stocks are lifted by U.S. and Chinese data
Credit: © Reuters.

* FTSE 100 up 0.8%, FTSE 250 up 0.7%

* U.S. and Chinese data buoys sentiment

* Oil companies and miners boost main index

* Lookers slumps on profit alert and executive departures

* TP ICAP (LON: NXGN ) jumps on upbeat earnings report (Adds news items, analyst comment, closing prices)

By Muvija M and Shashwat Awasthi

Nov 1 (Reuters) - Oil heavyweights and miners led the charge on London's FTSE 100 on Friday as Chinese factory data and a stronger than expected U.S. employment report helped the index to bounce back from its worst session in a month.

The FTSE 100 .FTSE advanced 0.8%, recouping almost all of its more than 1% drop in the previous session, while the FTSE 250's .FTMC 0.7% advance was its best day in more than two weeks.

Renewed concern over the prospects of Washington and Beijing settling their protracted trade dispute has stoked caution in recent weeks. However, some nerves were settled by the data showing that U.S. jobs growth slowed less than expected in October and China's factory activity expanded at its fastest pace in more than two years. mining sector .FTNMX1770 enjoyed its best day on the market in more than nine months, with Rio Tinto RIO.L , Glencore GLEN.L and Anglo American AAL.L rising more than 3% to top the main board.

Oil majors Shell RDSa.L and BP BP.L both gained 1.6% to boost the blue-chip index further.

Sterling, meanwhile, was steady as investors brace for a BBritish general election in December.

CMC (NS: CMC ) Markets analyst David Madden suggested the pound was finding support from opinion polls that showed the Conservative party leading Labour.

"The Conservatives are viewed as being pro-business, so traders are buying back into the pound," Madden said.

News-driven moves sent small-cap car dealership chain Lookers LOOK.L plunging as much as 30% after its second profit warning in less than four months and the departure of two top executives. update dragged shares in rival Inchcape INCH.L 2.7% lower and Madden said that car dealerships would need to "carefully manage" their inventory in the face of expected subdued demand over the medium term.

Among mid-caps, the world's largest inter-dealer broker TP ICAP TCAPI.L jumped 6.5% after quarterly revenue benefited from a bounce in trading activity this summer on global trade frictions and Brexit uncertainties. repairs provider Homeserve HSV.L rose 4.6% after Peel Hunt analysts raised its rating on the stock.

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