- Persimmon rises on Barclays upgrade
- Glencore gains on CEO meeting plans for deal support
- British retail sales up on Mother's Day spending
- FTSE 100 up 0.4%, FTSE 250 adds 0.8%
April 11 (Reuters) - London's FTSE 100 rose on Tuesday as miners and oil stocks boosted the commodity-heavy bourse, while shares of Cineworld slid as the world's second-largest cinema chain operator filed a plan of reorganisation.
The blue-chip FTSE 100 rose 0.4% to hit a one-month high by 0830 GMT.
"Most of the sectors, and cyclical ones like energy and materials are rallying. It's just a risk-on sentiment this morning," said Michele Morra, portfolio manager at Moneyfarm.
Industrial miners, up 2.9%, were the biggest boost to the FTSE 100, tracking firm copper prices.
Glencore Plc rose 2.9%, after Reuters reported that CEO Gary Nagle plans to meet with some of Teck Resources Ltd's Canadian shareholders to personally lobby them for support of its proposed takeover of the copper and zinc miner.
The energy sector advanced 0.5% as crude prices firmed on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.
The FTSE 100 rose 1.4% last week, outperforming the S&P 500's 0.1% drop, buoyed by defensive stocks including pharmaceuticals and commodity-linked stocks, but concerns around a potential U.S. recession weighed on sentiment.
"Markets are now more worried about recession than inflation, and are trying to understand if they should have been worried more about inflation or about growth," Morra added, warning that this might lead to some volatility in the near term.
British retailers reported a boost in spending from Mother's Day purchases in March, during an otherwise downbeat sales period.
The mid-cap FTSE 250 added 0.8% by 0830 GMT.
Among other major movers, shares of Cineworld Group plunged 14.3%, hitting a record low, after the movie chain operator filed a plan of reorganisation with the U.S. Bankruptcy Court.
Shares of Persimmon gained 1.9% after Barclays upgraded the homebuilder to "equal-weight."
Reporting by Shristi Achar A in Bengaluru; Editing by Rashmi Aich
Source: Reuters