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FTSE up as financial, retail stocks rise on Greece cheer

13 July 2015 17:06

FTSE indices were firmly higher at the close with Greece's third bailout allowing a continuance of Friday's hope-driven gains. The deal means Greece will remain in the EU. Financial stocks were generally higher, with gains supported by supermarkets and several miners.

FTSE 100 closed up 64.57 points, or 0.97%, to 6737.95. FTSE 250 was up 222.61, or 1.27%, to 17,708.9. Greece has to implement reforms by Wednesday, including streamlining pensions, raising tax revenue and liberalising the labour market to access up to 86bn euros of financing over three years. Germany's DAX rose 1.44% and France's CAC 40 added 1.94%.

International Consolidated Airlines (IAG) led the pack with a 3.39% rise to 549p, but thereafter supermarkets were ascendant. Morrisons (MRW) added 3.01% to 178p, with Tesco (TSCO) gaining 2.29% to 212.5p, and M&S (MKS) rising a more moderate 1.77% to 547.5p. Other retailers were led by Kingfisher (KGF), up 3.01% to 363p.

Admiral (ADM) piloted a pack of financials with its rise of 2.72% to 1472p, with Schroders (SDR), up 2.45% to 3180p, Barclays (BARC), up 2.11% to 273.7p, and Royal Bank of Scotland (RBS), up 1.88% to 351.6p, all surging. A number of miners were forging ahead in the wake of Glencore (GLEN), up 2.18% to 250.4p, with commercial and residential property outfits also firming.

BG Group (BG.), up 0.88% to 1071p, has started up and loaded its first LNG from the second production train at the Queensland Curtis LNG (QCLNG) facility in Australia. Roughly 10 blue chips lost traction, several US-interest-rate-sensitive utilities among them ahead of the US Federal Budget Balance at 7pm.


Platform Specialty Products Corp and Alent (ALNT), up 44.21% to 487p, agreed a recommended offer for the entire share capital of Alent by MacDermid Performance Acquisitions Ltd, a subsidiary of Platform. Shareholders would receive 503p cash for each Alent share.

Invista European Real Estate Trust (IERE), down 45.83% to 0.33p, said a rapid realisation of the company's assets is necessary to maintain the support of lenders. Motive Television (MTV), up 5.88% to 0.01p, has developed new technology to add Internet-delivered (also known as Over-the-Top or OTT) channels to its TabletTV product.

Nostrum Oil & Gas (NOG), down 0.67% to 589p, has made a further approach to Tethys (TPL), up 24.19% to 9.63p, regarding a possible offer for the entire issued share capital of that company. International Personal Finance (IPF) shed 23.99% to 358.3p as it warned new regulations in Poland to cap interest rates may impact financial results.


UK banks noted a Q2 rise in mortgage demand, and see it will continuing through summer, Bank of England said in its quarterly credit-conditions survey. The survey also revealed demand for loans from both small and big businesses alike rose, this seen continuing in Q3.


Anglo Asian Mining (AAZ), up 12.5% to 6.75p, has reported record H1 gold production totalling 35,938 ounces. Sprue Aegis (SPRP), up 8.26% to 327.5p, said H1 2015 was another record period of trading. It expects the sales for the period to be about £56.5m, from £23.8m a year ago. It sees operating profit (before share-based payments) of about £9.0m, more than triple H1 2014.

New World Resources (NWR), down 7.2% to 0.58p, sold its coking coal for less than half the price achieved four years ago in Q2, laying bare the extent of the coal market slump.

Hummingbird Resources (HUM), up 2.36% to 32.5p, has announced a positive update from grade control orientation drilling at the Komana East pit. Magnolia Petroleum (MAGP), up 8.13% to 0.67p, said drilling operations at the 94%-owned Shimanek #2 vertical well in Oklahoma are expected to begin by end-July.

Collagen Solutions (COS) climbed 5.41% to 9.75p on a positive outlook and losses in 2014 meeting expectations. Active Energy Group (AEG), down 6.3% to 6.18p, has warned softwood chip production will be 100,000 tonnes less than forecast and is now expected to be 50,000 tonnes.

Other stocks in the news included SThree (STHR), Telit Comms (TCM), Northcote Energy (NCT), Heathrow (88BX), Tengri Resources (TEN), Renewable Energy Generation (WIND), Vitesse Media (VIS), President Energy (PPC), Lakehouse (LAKE), Alliance Pharma (APH), Versarien (VRS), Avanti Communications (AVN), Tarsus Group (TRS), Frenkel Topping (FEN), LightwaveRF (LWRF) and Polymetal International (POLY).

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