London open: Miners lead stocks higher after China rate cut

UK stocks extended gains on Monday with the Footsie once again nearing record highs, as mining stocks reacted positively to another rate cut in China.After surging 2.3% on Friday in the aftermath of the Conservative's election victory, the FTSE 100 was up a further 0.37% on Monday morning at 7,073.16.The last time the index finished higher was on 27 April when it set a new all-time closing high of 7,103.98.Asian stock markets performed well overnight after China lowered interest rates overnight for the third time in six months in an effort to avert a slowdown. The People's Bank of China lowered its benchmark lending and deposit rates by 25 basis points each, following weaker-than-expected trade and inflation figures released last week."We have opined for some time now that the Chinese government had been showing signs of concern about slowing economic momentum [...] We believe that further easing by the country's central bank remains on the cards in 2015," said analyst Yuen Low from Shore Capital.Greece also remains in focus this week as the Eurogroup meets to discuss a cash-for-reforms deal with Athens. Greece faces a Tuesday deadline for a €750m repayment to the International Monetary Fund.Mining stocks riseMining stocks were buoyed by the rate cut in top metals consumer China, with blue chips Anglo American, BHP Billiton, Glencore and Rio Tinto making decent gains early on.Oil and gas stocks such as Shell, BP, BG Group and Premier Oil were on the rise as crude prices rose. Brent was up 0.5% at $65.70 a barrel in morning trade.A host of housebuilding stocks were also performing well, including Barratt Developments, Taylor Wimpey and Persimmon, extending the surge seen on Friday following the election. Companies in the sector had said that pre-election uncertainty was affecting the ability to secure planning persimmon for new developments.Financial stocks were mostly weaker, including St James's Place, HSBC, Aberdeen Asset Management and Aviva.Life sciences, seals and controls outfit Diploma said acquisitions drove a 10% increase in interim revenues, but disappointed investors with a cautious outlook, saying it still sees "headwinds to organic growth".Market MoverstechMARK 3,281.93 +0.39%FTSE 100 7,073.16 +0.37%FTSE 250 17,983.27 +0.26%FTSE 100 - RisersSage Group (SGE) 562.00p +3.40%Taylor Wimpey (TW.) 180.20p +2.56%Barratt Developments (BDEV) 562.50p +2.37%Tesco (TSCO) 233.60p +2.08%Morrison (Wm) Supermarkets (MRW) 184.40p +1.88%Hikma Pharmaceuticals (HIK) 2,047.00p +1.84%Persimmon (PSN) 1,778.00p +1.83%Kingfisher (KGF) 375.60p +1.79%3i Group (III) 511.50p +1.79%Royal Mail (RMG) 486.80p +1.65%FTSE 100 - FallersHSBC Holdings (HSBA) 634.00p -1.11%CRH (CRH) 1,872.00p -1.00%InterContinental Hotels Group (IHG) 2,794.00p -0.92%St James's Place (STJ) 954.50p -0.83%Aberdeen Asset Management (ADN) 448.40p -0.75%Meggitt (MGGT) 524.00p -0.57%Aviva (AV.) 541.50p -0.55%Centrica (CNA) 276.70p -0.54%Unilever (ULVR) 2,879.00p -0.52%Intu Properties (INTU) 342.20p -0.44%FTSE 250 - RisersSupergroup (SGP) 1,110.00p +3.93%Premier Oil (PMO) 183.00p +3.45%Bodycote (BOY) 738.00p +3.07%Man Group (EMG) 182.50p +2.70%SIG (SHI) 206.50p +2.58%Worldwide Healthcare Trust (WWH) 1,930.00p +2.39%Wood Group (John) (WG.) 703.50p +2.18%Redrow (RDW) 404.50p +2.15%NMC Health (NMC) 834.50p +2.14%Soco International (SIA) 194.20p +2.05%FTSE 250 - FallersDiploma (DPLM) 818.50p -3.36%Spirax-Sarco Engineering (SPX) 3,444.00p -2.77%Inchcape (INCH) 856.50p -2.00%Computacenter (CCC) 738.50p -1.53%Genus (GNS) 1,403.00p -1.47%National Express Group (NEX) 295.00p -1.30%Henderson Group (HGG) 277.30p -1.14%Law Debenture Corp. (LWDB) 525.00p -1.04%Senior (SNR) 317.10p -1.03%IMI (IMI) 1,188.00p -1.00%