The U.K. market is trading notably higher on Monday, as the pound sterling weakened against the U.S. dollar due to disappointing industrial production and construction data.
Traders are also shrugging off trade war worries as they look ahead to the outcome of the US President - North Korean leader summit.
Sterling declined by more than half a cent against the greenback as weak economic data raised concerns about the British .
Marks & Spencer is rising 2 percent. British American Tobacco is up 2.3 percent and Ashtead Group is advancing 2.1 percent. Capita is up nearly 2 percent.
Mondi, Standard Chartered, Glencore, Dixons Carphone, Tesco, St Jame's Place, Whitebread, Informa, J Sainsbury, and WPP are gaining 1.5 to 1.8 percent.
Meanwhile, Ferguson is declining more than 4 percent. Travis Perkins, Old Mutual, Rolls-Royce Holdings, HSBC, and Experian are declining 0.8 to 1.1 percent.
The FTSE 100 index is up 61.25 points or 0.8 percent at 7,742.32. On Friday, the index declined 0.3 percent.
On the economic front, data released by the Office for National Statistics showed industrial production in the UK to have decreased unexpectedly in April, falling 0.8 percent month-over-month, reversing a 0.1 percent rise in March. It was the first decline in four months.
On a yearly basis, industrial production growth eased to 1.8 percent in April from 2.9 percent a month ago. The expected growth rate was 2.7 percent.
Manufacturing production dropped 1.4 percent monthly in April, following a 0.1 percent contraction in March. In contrast, output was expected to recover by 0.3 percent. This was the largest fall since October 2012, when it slid by 1.8 percent.
Annually, growth in manufacturing production slowed to 1.4 percent from 2.9 percent in March.
Another report from the same bureau showed that construction output in the UK expanded 0.5 percent month-on-month in April, reversing a 2.3 percent fall in the preceding month. That was below the 2.2 percent rise economists had forecast. On a yearly basis, construction output fell at a slower pace of 3.3 percent in April, after a 4.9 percent decline in March.
by P2PNews Staff Writer