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Britain's FTSE extends gains as commodities rally

Reuters - UK Focus

* FTSE 100 up 0.5 pct after 2.8 pct surge on Monday

* Energy and mining stocks track stronger commods

* SABMiller (Xetra: BRW1.DE - news) falls on report of deal rejection (Adds details, updates prices)

By Kit Rees and Atul Prakash

LONDON, Oct (HKSE: 3366-OL.HK - news) 6 (Reuters) - Britain's top shares index extended gains on Tuesday after a sharp rally in the previous session, with energy and mining stocks advancing on the back of stronger commodity prices.

The UK Oil and Gas index rose 2.5 percent, the top sectoral gainer, after crude oil prices rose on signals that the world's biggest producers of crude may act jointly to support prices. The mining index gained 0.7 percent as prices of key industrial metals rose.

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Shares (Berlin: DI6.BE - news) in commodities stocks Royal Dutch Shell (Xetra: R6C1.DE - news) , Anglo American (LSE: AAL.L - news) , Fresnillio and Tullo Oil rose 2.1 to 6.0 percent.

"A rally in commodities has boosted oil majors and miners, but I don't think this is the beginning of an upward trend in commodity shares," Jawaid Afsar, senior trader at Securequity said.

"The bounce may lead to some profit taking and commodity prices may slip again, once Chinese investors return after a holiday."

The blue-chip FTSE 100 index, which surged 2.8 percent on Monday, was up 0.5 percent at 6,328.55 points by 1427 GMT. The index, however, is still down 3.5 percent this year and trades about 10 percent below a record high of 7,122.74 points reached in April (LSE: 0N69.L - news) .

Mining and trading giant Glencore (Xetra: A1JAGV - news) , which fell to record lows late last month amid worries over its debts and falling prices for commodities, rose 1.4 percent after surging 21 percent in the previous session.

On the downside, SABMiller fell 3.5 percent, with traders citing a report that it rejected an informal offer from AB Inbev. The brewer was also down earlier in the session after adverse currency movements hurt its results.

In the mid-caps, British baker Greggs (Stuttgart: 41G1.SG - news) jumped 8.8 percent after saying that growth for the year will be ahead of its forecast, its third increase in full-year guidance in less than six months.

The northern England-based chain highlighted the well-received extension of its sandwich and flatbread range and a good customer reaction to its shop refurbishments.

(Editing by Alison Williams)