FTSE aided by miners after Glencore float

* FTSE 100 up 1.0 pct; oils, banks bounce

* Investec up on "quality of profit"

* Invensys falls after "mixed" results

By Tricia Wright

LONDON, May 19 (Reuters) - Britain's top shares rose on Thursday, helped by miners which continued their ascent from the previous session, shrugging off easing metals prices as the market focused on the flotation of commodities trader Glencore.

Glencore is expected to join the FTSE 100 index <.FTSE>, with likely candidates for demotion Investec and Invensys , whose shares moved in opposite directions to each other after each reported full-year results.

Buyers also came in for BP , up 2 percent, with traders citing an upgrade from BofA Merill Lynch to "buy", mirroring gains from sector peers <.FTNMX0530> which, along with banks <.FTNMX8350>, bounced back after recent heavy falls.

By 1129 GMT, the FTSE 100 index was 59.33 points, or 1.0 percent, higher at 5,982.82, having advanced 1.1 percent in the previous session, snapping a five-session losing streak.

On the high street the mood was upbeat after British retail sales climbed more than expected in April. Marks & Spencer added 1.1 percent, Kingfisher put on 0.8 percent, while midcaps Debenhams and Dixons rose 0.4 percent and 1.4 percent respectively. [ID:nAHLIGE7H9]

Positive sentiment surrounding these four retailers was lifted as Espirito Santo Investment Bank repeated its "buy" ratings on the stocks, upgrading the UK general retail sector to "overweight".

WALL STREET EYED

U.S. stock index futures pointed to a firmer opening on Wall Street on Thursday, ahead of U.S. weekly jobless claims, due at 1300 GMT, with an increase of 420,000 forecast, after a 434,000 rise in the previous week.

"U.S. investors will be hoping last session's rise and the positive sentiment from Europe can boost stocks for a second consecutive day," Yusuf Heusen, senior sales trader at IG Index, said.

"Yesterday's FOMC minutes signalled a continuation of low interest rates for some time to come, which, coupled with a bullish earnings report from Dell, brought the buyers back after a negative week so far," he said.

Back with the UK blue chips, ARM Holdings climbed 2.3 percent on a positive read-across from PC maker Dell's numbers.

Elsewhere, miners <.FTNMX1770> were in demand as Glencore started "when issued" trading, with Antofagasta up 1.2 percent, while BHP Billiton and Rio Tinto both added 1.1 percent. [ID:nLDE74I062]

"(We) expect initial upward momentum on (Glencore's) shares even after the recent uncertainty surrounding underlying commodities and also following confirmation earlier today that Japan has fallen into recession," Dan Harris, head of dealing at H2O Markets, said.

"Significant demand is likely to emerge particularly from index tracker funds, who would be left without direct correlation in the commodity sector in the absence of such a potentially key component."

Investors had a wedge of corporate earnings and trading statements to digest on Thursday, with highlights including Invensys , off 3 percent, the FTSE 100's top faller, after its full-year results proved "mixed", according to Evolution Securities.

South African investment bank and asset manager Investec , meanwhile, topped the blue-chip leader board, up 6 percent, after its full-year results prompted Numis Securities to repeat its "buy" rating on the stock.

ITV was another good gainer, 5.3 percent ahead, after Bernstein Research raised its recommendation on the free-to-air broadcaster to "outperform", citing valuation grounds. (Editing by Mike Nesbit)