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16 Jul 2019 | 08:43

UK stocks post modest gains; Burberry surges

UK stocks posted modest gains in early trading on Tuesday, led by an upbeat sales report from luxury fashion group Burberry.

At 0835, the benchmark FTSE 100 index was up 5.68 points, or 0.1%, at 7.537.40.

Burberry rallied 7.6% after a 4% uptick in same-store sales in the first quarter indicated that new design chief Riccardo Tisci's creations are proving popular with shoppers.

Mining titan Rio Tinto edged back 0.1% after it reported a 7% fall in second-quarter iron ore output and upped its estimated production costs following a cyclone, fire and operational challenges in Australia.

The company also increased the cost estimate for its Oyu Tolgoi copper project in Mongolia to between $6.5bn and $7.2bn -- up from the $5.3bn previously disclosed.

Soft drink company A.G. Barr tumbled 29% after the Irn-bru maker warned on profits.

Ryanair rose 1.8%, despite the budget carrier warning that it would have to cut routes and would lose passengers as a result of the grounding of Boeing's 737 MAX aircraft.

Recruitment consultant Hays shed 1.5% as it reported flat net fees growth in the fiscal fourth quarter, as a challenging macroeconomic backdrop in Germany weighed on hiring activity.

Information services company Experian fell 1.7% after its first-quarter revenue growth was kept to 4%, as growth in the US was offset by a weaker performance in the UK and Ireland.

Auto parts company Surface Transforms jumped 26% on the back of news that it had been selected as a tier-one supplier of a carbon ceramic brake disc to a 'major German automotive company'.

Digital performance marketing group XLMedia gained 5.8% as it launched a tender offer to buy back up to around 9.51% of its shares on issue.

President Energy rose 1.3% on announcing that fracturing activities at a well in Argentina had so far generated results at the high end of initial expectations.

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