LONDON MARKETS: FTSE 100 Ends Slightly Higher As Traders Largely Shrug At Macron's Win

By FeaturesDow Jones Newswires

Miners fall after downbeat China trade figures

U.K. stocks eked out a slight gain Monday, even as mining shares slumped, as European equities took a breather after French voters elected market-friendly centrist Emmanuel Macron as their next president.

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The FTSE 100 index inched up by less than 0.1% to finish at 7,300.86 after dipping in and out of negative territory during the session.

Continental markets, including France's CAC 40 , closed lower ( The moves came after Macron, as widely expected, defeated far-right euroskeptic Marine Le Pen to win the French presidential election (

"Much was priced into markets before the event, but we remain positive on a medium-term view," wrote Jaisal Pastakia, investment manager at Heartwood Investment Management, in a note.

Read:Why the Macron-inspired rally for global markets is fizzling (

And see:Investors are breathing a sigh of relief over France, for now (

"Of course, questions remain around what Macron can actually achieve over the longer term. A lot will depend on the outcome of the parliamentary elections in June and the mandate he can secure. The risk is France gets a fragmented parliament," Pastsakia added.

The French parliamentary elections are scheduled to be held on June 11 and 18.

The London benchmark finished last week up by 1.3%. It gained 0.7% on Friday (, rising alongside European equities , which closed at a 21-month high.

Check out:Macron's toughest task -- keep the EU from collapsing (

Miners slide:A disappointing trade update from China ( weighed on London-listed mining shares. The sector is sensitive to economic data from China, which is a major buyer of industrial and precious metals.

Chinese exports in April rose 8%, short of the 10% increase expected by economists polled by The Wall Street Journal. Imports climbed 11.9%, also below forecasts, after a 20.3% rise in March. China's trade surplus increased to $38.05 billion, from $23.93 billion the previous month.

In the mining group, shares of Anglo American PLC (AAL.LN) fell 2%, Rio Tinto PLC (RIO) (RIO) (RIO) declined 1.5%, and Fresnillo PLC (FRES.LN) pulled back by 1.3%.

Stock movers: Centrica PLC (CNA.LN) gained 1.9% as the British Gas parent said it will report 2017 results in line with its previous guidance (, including further 250 million pounds ($313.8 million) of cost-savings and cuts of 1,500 jobs.

"It was a surprise to hear Centrica reiterating it will meet 2017 targets, despite less energy use in the milder British winter and heading into what looks like a period of more hostile government policy," said Jasper Lawler, senior market analyst at London Capital Group, in a note.

Advancers in the FTSE 100 also included real estate investment trusts Land Securities PLC (LAND.LN) and Intu Properties PLC (INTU.LN) , up 1.7% and 2.2%, respectively.

The pound was buying $1.2938, down from $1.2981 late Friday in New York. Sterling is approaching $1.30, where it hasn't traded since September, according to FactSet data.

The euro was off 0.3% against the pound, at 84.45 pence.

(END) Dow Jones Newswires

May 08, 2017 12:39 ET (16:39 GMT)