FTSE 100 Lacks Direction

(RTTNews) - U.K. stocks were moving in a narrow range on Monday after reports that the Brexit deadline may be pushed back if Prime Minister Theresa May's deal fails to get approved by Parliament in January.

Underlying sentiment remained supported somewhat after U.S. President Donald Trump on Saturday said that he had a "long and very good call" with Chinese President Xi Jinping and that a comprehensive trade deal between the United States and China is moving along very well, raising hopes for a breakthrough in the trade dispute.

Separately, Chinese state media cited President Xi Jinping as saying he believed both sides wanted "stable progress."

The benchmark FTSE 100 was marginally higher at 6,735 in opening deals after rallying as much as 2.3 percent on Friday.

Resource stocks were gaining ground, with miners Anglo American, Antofagasta and Glencore rising between half a percent and 1.1 percent as copper prices rose on hopes that China and the U.S. may resolve their trade conflict.

Oilex jumped over 8 percent after it received approximately US$290,000 in cash call proceeds relating to its Cambay joint venture with the Gujarat State Petroleum Corporation.
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