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Weaker Sterling leaves main markets trailing behind

31 May 2016 17:02

A weaker Sterling against the US dollar left the main markets trailing behind, after an ICM/Guardian poll revealed a Brexit vote in the upcoming EU referendum was slightly ahead.

The FTSE 100 closed 0.64% lower at 6,230.79 and the FTSE 250 slid 0.28% to 17,184.73.

West Texas Intermediate (WTI) crude oil increased 1.11% to $49.88 and Brent crude oil was up 0.36% to $49.94 per barrel, respectively.

Gold fell 0.04% to $1,213.3 per ounce and copper declined 0.43% to $4,651.83 per tonne.

MAIN NEWS OF THE DAY

Financial services company Alliance Trust (ATST) said a merger with RIT Capital Partners (RCP) is in preliminary stages, with no certainty that an offer will be made, boosting shares 2.5% to 521p.

US personal income rose $69.8bn in April, while personal spending increased to $119.2bn, according to the US Bureau of Economic Analysis.

The bureau also revealed the US personal consumption expenditures price index, excluding food and energy, went up 0.2% in April.

US house prices rose by 5.4% in the year to March, according to the Case Shiller 20 City index, beating expectations.

The Conference Board Consumer Confidence index declined further in May and stands at 92.6, down from 94.7 in April, reflecting weaker consumer confidence.

SMALL CAP RISERS AND FALLERS

Gold miner Tengri Resources (TEN) completed the disposal of Kami Associates and Tatiana after Socagest paid $5m, triggering a share price rise of 6% to 1.52p.

Miner Strategic Minerals (SML) shot up 26% to 0.35p after the company intersected nickel sulphides at its first drill hole HCOO1 at the Hanns Camp project.

Digital surveillance designer UniVision's (UVEL) subsidiary T-Com Technology suffered further operating losses in the first quarter as construction revenue fell by more than 50%, causing shares to crash 13% to 0.5p.

Proton therapy system provider Advanced Oncotherapy (AVO) suffered operating losses of more than £8m in the year to 31 December 2015 after developing the LIGHT cancer systems, which the company hopes to bring to market. Shares dropped 6.2% to 7.5p.

Speciality chemical firm HaiKe Chemical Group (HAIK) revealed its net profit was CNY2.3m, up from a loss of CNY1.6m in the first four months of 2015 after upgrading its product mix and undergoing cost-saving initiatives. Shares shot up 18% to 11.5p.

Power solution provider Proton Power Systems (PPS) advanced 10.7% to 4.15p after signing a &euro15m framework agreement for fuel cell emergency power units with a German company.

Software solutions company Kainos Group (KNOS) became more profitable as total sale orders rose in the first quarter, but proposed a lower final dividend of 4.2p compared to last year, causing shares to slide 4.4% to 188.25p.

Asia-Pacific online gaming company PCG Entertainment (PCGE) said it is in a dispute with a supplier over debt repayment, which could affect its financial position in the future. Investors were not happy with the news as shares plummeted 45% to 0.46p.

African oil and gas firm SacOil (SAC) advised shareholders its full-year basic earnings per share is expected to increase, driving shares up 10.3% to 0.91p.

Vehicle monitoring technology company Seeing Machines (SEE) fell 8.6% to 3.2p, despite receiving $400,000 of revenue from Caterpillar through royalties on products and services in the first quarter.

APC Technology (APC) said its revenue fell by nearly £2m as a result of weak component bookings in the second half of 2015, triggering a drop of 10.5% to 8.17p.

Mineral exploration company Minco (MIO) recorded a loss of $426,000 in the first quarter, compared to a profit of $482,000 for the same period last year as a result of foreign exchange losses and higher costs. Shares retreated 8% to 0.85p.

Mobile money network Monitise (MONI) stopped talks over the sale of its content business, as a result of strong performance of its units offering better value to shareholders. The market was unhappy with this decisions with shares retreating 7.6% to 2.9p.

Story provided by StockMarketWire.com

Related Company: ATST

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