LONDON MARKETS: FTSE 100 Higher, But Glencore Comes Under Pressure

By Carla Mozee, MarketWatch

U.K. stocks Tuesday rose as investors returned from a long weekend, but decliners included Glencore PLC after the mining heavyweight posted a production update

The FTSE 100 gained 0.6% to 7,026.09. Trading was closed Monday for a bank holiday. The index finished Friday's session (http://www.marketwatch.com/story/ftse-100-falls-as-barclays-moves-lower-but-lloyds-jumps-2015-05-01) higher by 0.4%.

On Tuesday, all but the basic materials sector were moving higher.

Advancers included Royal Bank of Scotland Group following a ratings upgrade by Nomura to neutral from reduce. Meanwhile, Lloyds Banking Group PLC shares picked up 0.5% after a ratings upgrade to buy from hold at Jefferies. "Investors are looking to invest in shares of banks which have de-risked, are returning capital, have positive earnings momentum and are easily understood. [Lloyds] is moving in the right direction on all counts," said Jefferies.

Also higher was TUI AG , with shares of the travel-services company climbing 3.2%.

But Glencore shares fell 1.3% as the miner posted a 9% drop in copper production (http://www.marketwatch.com/story/glencore-copper-production-drops-after-shutdown-2015-05-05) from its own sources to 350,700 metric tons in the first quarter, partly because of a planned shutdown for maintenance at its Collahuasi mine in Chile.

HSBC (HSBC) fell 0.9% ahead of the release of the bank's financial update.

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