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London open: Stocks rise as oil prices rally
London stocks rose on Monday as oil prices rallied after data showed China’s crude imports rose last month.
China’s crude imports jumped 7.6% in April compared to a year ago, marking the third consecutive month that crude imports exceeded 40 million tonnes.
At 0851 BST Brent crude increased 0.76% to $45.72 per barrel and West Texas Intermediate climbed 1.2% to $45.22 per barrel.
The report offset weak China trade data over the weekend, which revealed a drop in exports and imports.
Exports fell 1.8% in April compared with the same month last year while imports declined 10.9%, according to official data.
Elsewhere, German factory orders rose 1.7% year-on-year in March, beating estimates for a 0.1% and following a 0.7% increase a month earlier.
In the UK, house prices fell 0.8% in April compared to a month ago, more than the 0.3% drop expected by analysts and after a 2.6% jump in March, Halifax said. The decline follows the introduction of extra stamp duty for second home owners and buy-to-let investors on 1 April and comes amid uncertainty leading up to the European Union referendum.
In company news, mining stocks were under pressure following the disappointing Chinese trade data. Anglo American, Rio Tinto, Glencore and Antofagasta were among the biggest fallers.
Greggs gained after reporting a 5.7% rise in like-for-like sales in the first 18 weeks of 2016, despite the tepid conditions on British high streets.
Security firm G4S advanced after saying it has made a positive start to the year despite a challenging backdrop, with no new impairments.
