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Market Wrap - Midday

FTSE rises on soaring miners, rising supermarkets

21 December 2015 11:58

FTSE indices continued their run-up towards midday with hefty gains among miners helped by overall firming gold, silver and copper prices, against a backcloth of depressed crude that left oil majors well off the pace. Supermarkets made notable gains.

To noon, FTSE 100 was up 49.23 points, or 0.81%, to 6101.65. FTSE 250 was up 67.01, or 0.39%, to 17,172.9. At 11.35am, oil was down less than 1% and still below USD37/bbl. Industrial and precious metals prices were rising, and key European bourses made mild gains.

Glencore (GLEN) was up a hearty 7.95% to 87.29p, with Anglo American (AAL) rising 6.4% to 296.48p and several others following. Randgold (RRS), up 0.33% to 4044.5p, has ended an investment agreement with AngloGold Ashanti. Meantime, ITV (ITV) added 3.62% to 273.35p on chat linking US peer Comcast with an GBP11bn bid.

Supermarkets were guided up by Sainsbury's (SBRY) surge of 2.25% to 260.95p, with Tesco (TSCO) up 2.23% to 146.65p. Financials rising included Old Mutual (OML), up 2.1% to 175.4p, and Standard Life (SL.), up 2.79% to 384.85p. Leisure traced Carnival (CCL), up 1.91% to 3717.5p, and Intercontinental Hotels (IHG), up 2.26% to 2580p.

BG (BG.) rose 2.51% to 930.75p as it and Royal Dutch Shell (RDSA), up 0.09% to 1464.75p, seek High Court approval to hold shareholder meetings over their recommended merger. Meantime, multiple property and pharma stocks rose. Eleven blue chips fell, these led by Coca-Cola HBC (CCH), down a not-so-refreshing 2.13% to 1468p.


Weatherly Int'l (WTI) jumped 38.46% to 0.45p as it reached an amended agreement with Orion Mine Finance (Master) Fund, formalising the deferral in commencing repayments of the Tranche B facility and providing a further Tranche D facility of USD4m.

Gable (GAH) dived 21.79% to 15.25p on issuing almost GBP4m of loan notes on a 7.5% coupon to meet regulatory requirements. The group will also hold GBP15m of its premium in reserve, a plan that could reduce profit by GBP2m in 2016.

Premier Veterinary (PVG), up 20.3% to 118.5p, said following a strategic review it has completed the sale of its Veterinary Business to Independent Vetcare Ltd for total cash payments of GBP6.5m.

Watchstone (WTG), up 93.18% to 187.38p, said its share consolidation is now complete, and its shares have resumed trading on AIM. Meantime, ZincOx (ZOX) added 77.42% to 1.38p, continuing gains from Friday's confirmation of talks with potential investors.


Germany's producer price index (PPI) fell 2.5% on the year in November, from a 2.3% fall in October. On a monthly basis, producer prices fell 0.2% in November, in line with forecasts and from October's tumble of 0.4%.


88 Energy (88E) plunges 19.8% to 0.41p as it revealed drilling at Icewine #1 is at 11,180 feet and approaching total depth. A core was successfully acquired in the HRZ interval from 11,075-11,165 feet with a 96% recovery factor.

ECR Minerals (ECR) crashed 16.67% to 0.02p despite saying the Canadian NI43-101 technical report for its Danglay gold project in the Philippines supports an earlier disclosure of an inferred mineral resource estimate for oxide gold mineralisation.

CH Bailey (BLEY), down 14.08% to 152.5p, has posted an H1 after-tax loss of GBP0.7m, against a profit of GBP32,457 last time. It said the loss was due a forex swing of GBP0.47m, along with fair-value reductions on investments of GBP0.14m.

Fastnet Equity (FAST), up 11.83% to 2.6p, has booked an H1 net loss of USD1.5m, from a loss of USD1.6m a year ago. Velocys (VLS), up 7.2% to 42.88p, has come to a settlement with CompactGTL Ltd in the patent infringement case that Velocys filed in the UK in 2013.

Solo Oil (SOLO), up 3.77% to 0.28p, has noted comments from the operator of its assets in Tanzania, Aminex, which includes details of an extension to their corporate loan facility and an update relating to the Kiliwani North Gas Sales Agreement (GSA).

Asian Citrus (ACHL) added 2.27% to 5.63p with bolder bargain hunters buying in despite Friday's disappointing winter crop report, the latest in a string of profit warnings from the weather-exposed small cap.

British Polythene Industries (BPI) slipped 1.22% to 690p after saying raw material costs increased in November and December and were forecast to rise further at the start of 2016. It says the business is on course to meet FY expectations.

Dairy Crest (DCG) rose 1.34p to 659.75p on news it has taken full ownership of its Galacto-Oligosaccharide (GOS) business. Netplay TV (NPT) have been suspended at 7.4p on news it is considering a reverse takeover of Sportech’s (SPO) football pools business.

Other stocks in the news included ECR Minerals (ECR), STV (STVG), JZ Capital Partners (JZCP), Powerflute (POWR), Wood Group (WG.), Sirius Minerals (SXX), Sound Energy (SOU), Caledonia Investments (CLDN), Conroy Gold and Natural Resources (CGNR), Real Estate Investors (RLE), Bacanora (BCN), Satellite Solutions Worldwide (SAT), Rank (RNK), TT Electronics (TTG), Vernalis (VER), Patagonia Gold (PGD) and Falkland Islands Holdings (FKL).

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