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Market Wrap - Market Open

FTSE mixed as resources ebb beside crude, gold

25 April 2016 09:06

London shares were mixed in early deals, blue chips down and mid caps up, as both crude and gold eased. Top-100 mining and oil issues were key ballast in a session so far rich with big-moving stocks. Europe and Asia were lower, while Wall St was mixed on Friday.

BHP Billiton (BLT) guided with a tumble of 4.1% to 947.15p, and Anglo American (AAL) tapered 3.86% to 704.5p. More sensitive-to-China miners followed, as did oilies. BP (BP.) retreated 2.23% to 360.1p, while Shell (RDSA) stepped back 1.96% to 1778.5p.

Soon after the open, FTSE 100 was up 28.53 points, or 0.45%, to 6281.91. FTSE 250 rose 35.08, or 0.21%, to 16,906.5. At 8.43am, WTI crude was at USD43.37/bbl. Brent was at USD44.8/bbl. Gold traded at USD1234/oz. Investor sentiment towards Asia remains shaky.

Roughly 55 blue chips fell, about 15 by 1% or more. Asia-facing bank Standard Chartered (STAN) ebbed 2.53% to 542.15p, as did HSBC (HSBA), off 1.22% to 460.83p. Fellow financials also slipped. Insurers followed Standard Life (SL.), down 1.39% to 333.7p.

Supermarkets were on the back foot after Sainsbury (SBRY), falling 1.21% to 288.85p, with several consumer goods outfits and high-street retailers also losing traction. Others in these sectors made gains, however. Ashtead (AHT) guided risers with a 3.31% jump to 919.5p.

Property of all flavours was in focus to the upside. House builder Taylor Wimpey (TW.) rose 1.51% to 178.15p, while commercial property titan Land Securities (LAND) added 0.65% to 1081p. Also up were several utilities, airlines, a number of leisure issues and tobacco. Meantime, Vodafone (VOD) fell 1.07% to 225.6p despite M-Pesa hitting more than 25m active customers.


St Ives (SIV), down 38.73% to 138p, has warned that the outlook for Q4 2016, and for the following financial year, has deteriorated. However, trading in the eight months to April 1 was broadly in line with management views, with group revenue about 5% ahead on the year.

The New World Resources group of companies said no agreement to waive or extend a Super Senior Credit Facility Standstill and Waiver Agreement had been reached, meaning certain members of the group were now in default under obligations guaranteed by OKD. It was unclear if agreement on a restructuring plan could be struck before OKD has exhausted available sources of financing and, thus, whether OKD may be obliged to begin insolvency proceedings. Shares in New World Resources Plc (NWR) fell 45.05% to 0.25p.

Outsourcery (OUT), down 29.27% to 7.25p, said that whilst FY results and current trading are in line with its views, these factor in revenue growth from strategic partners being dented by further partner product launch delays. It will need further funding for short-term working capital purposes.


Highlands Natural Resources (HNR), up 28.42% to 15.25p, has reported significant progress on the implementation and commercialisation of DT Ultravert refracking technology, of which it owns 75% of the patent filings.

Snoozebox (ZZZ), down 18.46% to 1.33p, said CEO Lorcan O Murchu has resigned with immediate effect. Non-executive Chris Errington would take on the role of executive chairman on a part-time basis.

SacOil (SAC), down 17.78% to 0.93p, has not yet signed a JV agreement for the development of the African Renaissance Pipeline Project, while directors evaluate it and the associated opportunity with regards to the company's participation in the project.

SnackTime (SNAK), up 13.64% to 6.25p, said H2 EBITDA is expected to be no less than the unaudited H1 result of GBP0.4m. Its audited financial statements for the period to March 27, 2015, showed an EBITDA loss of GBP1.1m.

Immunodiagnostic Systems (IDH), down 13.33% to 162.5p, expects total FY revenues to be about GBP39m, from GBP45m last time but in line with the guidance given in November. This fall was mainly due to reductions in its manual assay business.

Randall & Quilter Investment Holdings (RQIH), up 12.5% to 103.5p, has booked a FY pretax profit of GBP2.8m, from a loss of GBP1.6m. It has also proposed a 5p a share return of equity and a reduction of capital.

Tri-Star Resources (TSTR), up 10% to 0.11p, said test-work by Strategic & Precious Metals Processing LLC (SPMP) has resulted in the first production of high purity antimony metal. Jersey Oil & Gas (JOG), down 6.94% to 16.75p, has posted pre- and after-tax losses of GBP1.4m for the year to Dec. 31, 2015. This was down from GBP44.4m in 2014.

Ariana Resources (AAU), up 7.02% to 1.53p, has reported a major hike in the resource estimate for the Kiziltepe project. It said there was an overall rise in mineral resource estimate of about 44,500 oz Au and 886,000 oz Ag to a total of 195,200 oz Au and 3.15Moz Ag.

Zambeef (ZAM), up 6.9% to 7.75p, expects turnover, operating profit and adjusted profit before tax to be ahead of market forecasts in both Zambian Kwacha and US Dollars. It added that forex moves continued to have an unavoidable impact on the group's results in US-dollar terms.

Other stocks in the news included Lok'nStore (LOK), Satellite Solutions Worldwide (SAT), GVC (GVC), Aseana Properties (ASPL), Gamma (GAMA), Rame Energy (RAME), Trinity Exploration & Production (TRIN), Avacta (AVCT), Flowgroup (FLOW), Cambridge Cognition (COG), IG Seismic Services (IGSS), Smart Metering Systems (SMS) and hVIVO (HVO).

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