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FTSE claws back ground as US, China plan trade talks

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FTSE claws back ground as US, China plan trade talks
 

The FTSE 100 has clawed back some ground from yesterday's heavy sell-off, as investors drew some comfort from news China and the US would hold trade talks later this month.

Hopes of a potential thawing of trade tensions between the US and China helped the UK blue-chip index edge 17 points, or 0.2%, higher to 7,515.

Miners led the way, recovering some of yesterday's heavy losses. Glencore (GLEN) rose 1.9% to 304.1p, Antofagasta (ANTO) added 1.7% to 850.6p, Rio Tinto (RIO) rose 1.6% to £37.08 and Fresnillo (FRES) traded 1.6% higher at 911p.

The FTSE 100 was held back from further gains by a number of stocks trading without entitlement to their latest dividend, knocking 17 points off the index according to Reuters.

Ex-dividend stocks were among the heaviest fallers, including Evraz (EVRE), down 3.7% at 471p, Lloyds (LLOY), off 1.5% at 59.6p and Legal & General (LGEN), 1.4% lower at 254.3p.

On the FTSE 250, On The Beach (OTB) surged 10.8% to 456p as the travel retailer announced the £20 million acquisition of luxury packaged holiday provider Classic Collection.

Kaz Minerals (KAZ) rose 6.6% as the copper miner unveiled its first dividend since 2012 and reported a 18% jump in first-half operating profits.

Other commodities stocks also rallied towards the top of the FTSE 250 amid a recovery from yesterday's sell-off.

Hochschild Mining (HOCM) rose 5.5% to 171.3p, Energean Oil & Gas (ENOG) rose 4.3% to 533p and Ferrexpo (FXPO) added 3.7% to 164.9p.

It was the same story on the FTSE Small Cap index, where Ophir Energy (OPHR) rose 10.5% to 41.8p, Lonmin (LMI) added 7.5% to 38.7p and Petropavlovsk (POG) was up 3.8% at 6.7p.

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