Antofag.5%pr Share News (70GD)

(Alliance News) - Stocks in London ended in the green Monday with the FTSE 100 enjoying a boost from miners and a weaker pound. The large-cap FTSE 100 index closed 25.75 points higher, or 0.3%, at 7,531.72.The mid-cap FTSE 250 index ended up 32.31 points, or 0.2%, at 19,584.14, while the AIM All-Share finished 2.10 points higher, or 0.2%, at 919.29.The Cboe UK 100 index ended down 0.2% at 12,717.55. The Cboe UK 250 closed up 0.3% at 17,432.75, while the Cboe UK Small Companies finished down 0.4% at 11,114.91."European equity markets are trading higher heading into the close as the figures released from China overnight were largely positive. China's economy grew bang in line with forecasts. The retail sales, industrial production and fixed asset investment reports all exceeded forecasts, and showed improvement on their respective previous readings, so the various stimulus packages from Beijing are paying off," said CMC Market's David Madden,The pound was quoted at USD1.2518 at the London equities close, down from USD1.2554 at the close Friday. The pound was seen as high as USD1.2578 on Monday, just after the London market opened.SpreadEx's Connor Campbel commented: "Assumedly the pound was suffering from some Brexit anxiety - after all, it is only around a week or so until Boris Johnson (OK, or Jeremy Hunt) becomes prime minister."On the London Stock Exchange, Antofagasta was among the best large-cap performers, adding 4.0% after an international tribunal ordered Pakistan to pay almost USD6 billion to a joint venture partly owned by Antofagasta.The USD5.84 billion award has been made by the World Bank's International Centre for Settlement of Investment Disputes to Tethyan Copper Co, a partnership between Antofagasta and Canada's Barrick Gold.The dispute centred on the alleged "unlawful" denial of a mining lease for the Reko Diq project in Pakistan in 2011. Pakistan, which has "limited" grounds for a challenge, will pay USD4.09 billion based on a market value of the project in 2011, and interest of USD1.75 billion.A feasibility study, Antofagasta said, showed Reko Diq contained one of the world's largest undeveloped copper and gold deposits, with the potential to be mined for over half a century.Miners Evraz, Fresnillo, Glencore, Rio Tinto, and Anglo American all were in the green Monday, following a slew of economic data releases from China.Evraz gained 2.5%, Fresnillo 2.1%, Glencore 1.0%, Rio Tinto 1.2% and Anglo American 1.5%.CityIndex's Fiona Cincotta noted: "The prospect of economic stimulus in China, the world's largest consumer of metals is like Christmas come early for the miners."China's growth slowed to its weakest pace in almost three decades in the second quarter, with the US-China trade war and weakening global demand weighing on the world's number-two economy, official data showed Monday.The slowing economy makes it more difficult for President Xi Jinping to fight back forcefully against Washington - which is using tariffs as leverage to try to force Beijing into opening up its economy.The 6.2% figure released by the National Bureau of Statistics was in line the consensus estimate reported by FXStreet, but down from a 6.4% expansion in the first quarter.The growth rate was within the government's target range of 6.0% to 6.5% for the whole year, down from the 6.6% economic growth China achieved in 2018.Meanwhile, China's industrial output rose 6.3%, accelerating from 5.0% in May, which was the slowest increase since 2002. However, the figure came in ahead of FXStreet's consensus estimate of 5.2%.At the other end of the blue chip index, Micro Focus International, was the worst performer, losing 5.7%.The software firm was extending losses after it said last Tuesday its high-profile acquisition of Hewlett Packard's software business was still proving difficult to integrate into existing operations. The stock is down 21% since last Tuesday.In addition, the Newbury-based software firm said on Monday that Chair Kevin Loosemore sold 650,000 shares at an average price of 1,777 pence each, worth around GBP11.6 million, in transactions last Wednesday and Thursday.In the FTSE 250 index, IP Group added 4.1% after the intellectual property investor said portfolio firm Istesso achieved positive results from phase 2a of testing for its rheumatoid arthritis drug.Another mid-cap riser was lender CYBG, gaining 2.4%, which announced an energy switch initiative with GoCo Group.GoCompare - GoCo Group's price comparison website and most popular brand - has created the venture with CYBG to offer the bank's digital app users the opportunity to switch energy deals.The venture will use GoCompare's SaveStack platform. According to GoCo, SaveStack will allow B customers - CYBG's digital bank service - to "easily and quickly" find and switch energy deals, all within the app.CYBG noted that 76% of its B customers with energy direct debits use one of the UK's "big six" energy suppliers. GoCo closed up 0.2%.Meanwhile, Sports Direct International was the worst mid-cap performer, shedding 9.6% after the sportswear retailer said it would delay the release of its annual results, citing the complexities of the integration of department store chain House of Fraser.The company was originally set to report full-year results on Thursday.Sports Direct said increased regulatory scrutiny and the complex integration of House of Fraser, alongside uncertainty over the troubled department store's future prospects were the reasons for the delay.The company said accounting firm Grant Thornton has asked for additional time to complete its audit.In addition, Sports Direct added that there were some "key areas to conclude" which could further hurt the guidance given in December. The company now expects its audited results to be published between July 26 and August 23.Separately, Sports Direct's GBP52 million takeover of video game retailer Game Digital moved a step closer to completion on Monday as Sports Direct said it now controls nearly 84% of Game.Construction firm Balfour Beatty lost 2.7% after it started an internal investigation after allegations made by prominent US politician Elizabeth Warren.Warren, a candidate to be the Democratic Party's choice for the 2020 US presidential election, has alleged Balfour Beatty provided substandard housing and services at the Tinker Air Force base in Oklahoma.Balfour Beatty has managed the base since 2008 after winning a 50-year, USD410 million contract.Cairn Energy shed 2.6% after Jefferies cut the stock to underperform from hold.Later on Monday, miner Rio Tinto will issue a second quarter operations update at 2330 BST. Peer BHP releases its own update at the same time on Tuesday.Also on Tuesday are first quarter figures from credit checker Experian and luxury fashion firm Burberry.In the US on Monday Wall Street was off to a slow start as earnings season begins, with the Dow Jones down 0.1%, the S&P 500 0.2% higher, and the Nasdaq was marginally higher.Madden commented: "[US] Equity markets have retreated a little from their record levels as traders are a little nervous about earnings season, but given the reports from China, the sentiment is still positive."Lending giant Citigroup kicked off US earnings season this afternoon, posting a sharp rise in second quarter income.In the three months to June 30, the US retail, commercial and investment bank recorded net income of USD4.80 billion, 6.9% ahead of the USD4.49 billion reported the year before.In the six month period, the bank's net income increased 4.4% to USD9.51 billion.Citigroup's total revenue increased 1.6% to USD18.76 billion from USD18.47 billion. The bank's two main operating units - Global Consumer Banking and Institutional Clients Group - saw revenue growth of 3.3% and 0.2%, respectively.The group revenue increase was attributed to, among other things, a USD350 million gain on the bank's investment in electronic trading platform Tradeweb's initial public offering.The Global Consumer Banking unit saw a 3.2% rise in its home market of North America in the second quarter, with growth in deposits and Citi-branded credit cards attributed for the growth.The Institutional Clients Group unit's slight revenue increase in the quarter was partially offset by Investment Banking, Fixed Income and Equity Markets revenue slipping.The bank's CET1 capital ratio ended the period at 11.9%, behind the 12.1% seen at the same point last year."We navigated an uncertain environment successfully by executing our strategy, and by showing disciplined expense, credit and risk management," said Chief Executive Michael Corbat.Peers JPMorgan Chase, Goldman Sachs, and Wells Fargo will report earnings on Tuesday before the New York opening bell. Consumer products firm Johnson & Johnson will also issue second quarter earnings Tuesday. On Wednesday, Bank of America and equipment rentals firm United Rentals - peer of the UK's Ashtead - report earnings, alongside streaming service Netflix and technology services giant IBM. On Thursday are second quarter figures from Morgan Stanley, software firm Microsoft and tobacco firm Philip Morris, while on Friday comes fund manager BlackRock and credit card firm American ExpressIn mainland Europe, the CAC 40 index in Paris and DAX 30 in Frankfurt closed up 0.1% and 0.5%, respectively.The euro stood at USD1.1258 at equities close, lower against USD1.1286 at the European equities close Friday. Brent oil was quoted at USD66.74 a barrel at the London close, broadly flat compared to USD66.80 at the close Friday.Gold was quoted at USD1,412.30 an ounce, higher than USD1,409.05 Friday.The economic calendar on Tuesday has UK claimant count and average earnings at 0930 BST, eurozone trade balance at 1000 BST and US retail sales and US import and export price indexes at 1330 BST. The US Johnson Redbook Retail Sales Index follows at 1355 BST. London Close is available to subscribers as an email newsletter. Contact info@alliancenews.com