LONDON MARKETS: FTSE 100 Turns Higher As Miners Climb

By Carla Mozee and Sara Sjolin, MarketWatch

Monthly retail sales fall

The U.K.'s benchmark stock index swung higher on Thursday, with miners leading the charge on the back of a rebound in metals prices and well-received corporate news for the sector.

The FTSE 100 rose 0.4% to 7,053.67, a move that cut into Wednesday's loss of 0.5% (http://www.marketwatch.com/story/ftse-100-gains-as-tesco-rolls-royce-move-higher-2015-04-22).

The biggest advancer on Thursday was Antofagasta PLC , which jumped 5.6% after the Chilean copper producer said it agreed to sell its water division (http://www.marketwatch.com/story/antofagasta-agrees-to-sell-water-unit-for-960m-2015-04-23) to Colombia's Empresas Publicas de Medellin for 596 billion Chilean pesos ($960 million).

Anglo American PLC put on 4.7% after a production update. Anglo cut its full-year diamond output forecast, but backed volume projections for all other commodities (http://www.marketwatch.com/story/anglo-american-cuts-diamond-output-guidance-2015-04-23).

Other miners also advanced, getting a boost from rising metals prices. Shares of Rio Tinto PLC (RIO) gained 3.3% as did BHP Billiton PLC (BHP) and Glencore PLC (GLNCY) picked up 3.1%.

Mining shares had been lower earlier in the session after a closely watched HSBC survey showed manufacturing activity in China fell to a one-year low of 49.2 in April (http://www.marketwatch.com/story/china-factory-activity-drops-to-one-year-low-hsbc-2015-04-23). China is a major buyer of metals and other commodities.

Among other advancers, supermarket chain Tesco PLC rose 1.2% following Wednesday's 5.2% slide in the wake of its massive full-year loss (http://www.marketwatch.com/story/tesco-posts-biggest-ever-loss-after-turbulent-year-2015-04-22). Shares of Meggitt PLC rose 0.7% after a first-quarter trading update from the aerospace, defense and energy group.

Elsewhere, home-builder Taylor Wimpey said in a trading update that it saw a 14% rise in the average selling price of homes (http://www.marketwatch.com/story/taylor-wimpey-posts-strong-sales-reservations-up-2015-04-23). The company also said uncertainty surrounding the outcome of the May 7 general election "has not impacted customer confidence, and underlying demand remains high." Shares turned higher by 0.9%.

WPP PLC posted the biggest decline on Thursday, ending down 1.5%. The advertising firm said it is reviewing its forecasts and cautioned that clients remained focused on cost-cutting (http://www.marketwatch.com/story/wpp-reviews-forecasts-as-revenue-rises-2015-04-23-248589). WPP said revenue rose in the first quarter, by 8.3% in sterling terms.

On the data front, U.K. retail sales unexpectedly fell 0.5% in March from February, as sales at gasoline stations declined 6.2%. The pound (GBPUSD) pulled back against the U.S. dollar after the report from the Office for National Statistics, but later recovered after weekly U.S. jobless claims rose more than expected.

Sterling was buying $1.5059 versus $1.5038 late Wednesday.

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