Early rise for FTSE despite 8% slump in China market
Blue-chip sharesin the UK began the week on the front foot today as investors shrugged off an 8% plunge in the Chinese stock market overnight.
The FTSE 100 Index was up 32.3 points to 6582.6 as traders judged that the reason behind the slump - a regulatory ruling affecting China's financial system - was likely to have a limited impact elsewhere.
Still, commodities stocks, ever sensitive to fluctuations in the world second-largest economy, were lower, with Rio Tinto off 31.8p at 2856.8p and Anglo American down 8p to 1091.5p.
But on the whole, sentiment continued to be heightened by speculation that the European Central Bank will unleash a new round of money-printing quantitative easing stimulus to revive the moribund economy in the 19-state single currency bloc.
Tesco continued to make strides at the top of the FTSE 100 risers' board, ahead by 3%, or 5.8p, to 224.9p.
It means the grocer, which has slumped in value over the last year amid sliding sales, has now climbed by nearly 25% since new boss Dave Lewis this month unveiled his new strategy to close loss-making stores and dispose of peripheral businesses.
Elsewhere, shares in pub chain Greene King were little moved after it reported flat like-for-like sales for the six weeks to January 11, hampered by the effect of tougher drink-drive laws in Scotland.
The stock slipped 0.5p to 786.5p.
