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FTSE 100 Recovers From Early Slide As Retail Sales Rebound
(RTTNews) - U.K. stocks recovered from an early slide to trade higher on Tuesday after data showed retail sales rebounded unexpectedly in July.
Like-for-like sales increased 1.6 percent on a yearly basis in July, in contrast to the expected fall of 1.5 percent, as hot weather boosted demand for summer clothing and electric fans, data compiled by the British Retail Consortium and the advisory services firm KPMG, showed. Sales were down 1.3 percent in June.
The benchmark FTSE 100 was up 8 points, or 0.1 percent, at 7,489 after closing 0.6 percent higher on Monday.
Miners traded mostly lower while energy stocks edged higher after crude prices rose around 2 percent in the U.S. trading session overnight. BP Plc and Shell both rose nearly 1 percent.
InterContinental Hotels fell 1.3 percent. The hospitality company announced a new $500 million share buyback program and resumed interim dividend after reporting soaring half-year profits.
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