Tesco leads FTSE up as sales beat expectations

LONDON Thu Jan 10, 2013 8:15am GMT

The London Stock Exchange is seen during ther morning rush hour in the City of London April 11, 2011. REUTERS/Toby Melville

The London Stock Exchange is seen during ther morning rush hour in the City of London April 11, 2011.

Credit: Reuters/Toby Melville

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LONDON (Reuters) - The FTSE 100 gained in early deals on Thursday, with Tesco leading the gainers after Christmas sales beat forecasts, and miners were supported by good data out of China.

At 0807 GMT, the FTSE 100 .FTSE index was up 8.33 points, or 0.1 percent, at 6,106.98, after hitting its highest level since May 2008 in yesterday's session.

Miners .FTNMX1770 added 0.4 percent as iron ore imports in China, the world's top metals consumer, hit a record high in December, and with Jefferies raising price targets across the sector.

Tesco (TSCO.L) rose 2.5 percent after it posted its highest sales growth in three years, showing signs that its turnaround strategy is beginning to show results.

But elsewhere on the high street, Marks & Spencer (MKS.L) saw its sales disappoint, making it the biggest FTSE 100 faller, down 4.3 percent.

(Reporting by Alistair Smout)

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