By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- After rising for two straight weeks,
U.K. stocks continued to advance on Monday, with resource firms
driving the FTSE 100 index higher, while GlaxoSmithKline PLC
dropped after disappointing test results.
The benchmark rose 0.3% to 6,637.92, on track for a second
straight day in positive territory. On the quarter, the FTSE was
eyeing a 1.6% decline.
Mining firms helped lift the London index, as they rose
alongside higher metals prices. Shares of Rio Tinto PLC (RIO)
gained 2.3%, Anglo American PLC picked up 2.1%, Antofagasta PLC
advanced 1.2% and BHP Billiton PLC (BHP) rose 1.1%.
The sector also experienced reasonable gains last week, after
weak data from China spurred speculation Beijing would launch fresh
easing measures to boost the economy and avoid a sharp
slowdown.
On Monday, energy firms also showed positive moves, with shares
of BG Group PLC 1.2% higher and Royal Dutch Shell PLC (RDSB) rising
0.8%. Oil prices, however, moved slightly lower, but held above the
$101-a-barrel level.
On a more downbeat note, shares of GlaxoSmithKline PLC (GSK)
lost 0.8% after the drug maker released disappointing results from
a late-stage study of Darapladib, a new heart disease drug.
In data news in the U.K., the Bank of England said the number of
loan approvals for house purchases was a weaker-than-expected
70,309 in February, compared with an average of 69,563 over the
previous six months.
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