Sector movers: Aerospace and defence stocks lead London market higher

31st Jul 2015 15:50

(ShareCast News) - Aerospace and defence, and media stocks led the London market higher as miners continued to struggle on Friday.The FTSE 100 closed up 0.41% or 27.41 points at 6696.28, while FTSE 250 closed up 0.89% or 156.40 points at 17677.40, with aerospace and defence stocks trading higher.Rolls Royce spiked almost 6% or 44.50p to 794p later on in the session on news that US activist hedge fund - ValueAct investment - had taken a 5.44% stake in the company to rank among its top shareholders.The move is likely to increase pressure on the British aircraft engine maker to improve its performance and deliver better shareholder returns. The company said it was seeking a meeting the San Francisco based hedge fund.Away from the sector, media stocks also enjoyed a positive end to the week, with UBM rising 4.83% or 24.50p to 531.50p and ITV picking up 9.10p or 3.35% to 280.70p.UBM posted a 37.2% decline in first half pre-tax profit, but said it was confident of meeting full-year expectations. The marketing and events company posted a £47.6m profit for the six months to June this year, down from £75.8m the year prior.Reported revenue was up by 26.3% to £456m from £361 the year prior, which UBM attributed to its new US acquisition Advanstar and favourable foreign exchange movements.ITV gained as US media giant Liberty Global upped its stake in the broadcaster to just under 10%. However, on the negative side, mining stocks continued to struggle.Past the midway point in trading on the London Metal Exchange, three-month futures contracts of primary aluminium (down 1.2%), copper (down 0.6%), lead (down 0.6%), nickel (down 0.1%) and zinc (down 1.0%).Kaz Minerals (down 4.43%), Lonmin (down 3.07%) and Vesuvius (down 2.76%) were among the notable midcaps to take a hit. Antofagasta (down 2.33%) and Glencore (down 1.42%) were among the leading FTSE 100 fallers.