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FTSE up as investors recover from disappointing US data

03 June 2016 17:09

London's FTSE 100 index gained 24 points, or 0.39%, to 6,209 as investors rolled back expectations of interest rate increases in the wake of disappointing jobs data in the US.

West Texas Intermediate (WTI) crude oil slipped nearly 1% to $48.69 and Brent crude oil fell 0.84% to $49.62 per barrel, respectively.

Gold increased 2.5% to $1,240 per ounce and copper was up 2.13% to $4,651.83 per tonne.


In the US, non-farm employment rose by 38,000, according to the US Bureau of Labor Statistics, well shy of analyst forecasts of a 160,000 gain and numbers from earlier jobs reports were also downgraded.

Average hourly earnings increased and unemployment declined to 4.7% in May. Interest rates on government bonds declined in the US as investors factored in a weaker economic outlook.

US Census Bureau data showed the country's trade deficit increased to $37.4 billion in April. A release from the US Bureau of Economic Analysis showed the US Purchasing Managers' Index (PMI) declined from 52.8 in April to 51.3 in May.


Electronic trading specialist ICAP (IAP) announced the China Foreign Exchange Trade System picked the firm to deliver technology for fixed income and foreign exchange electronic execution services in China, pushing shares up 1.5% to 422p.


Goals Soccer Centres (GOAL) raised £16.75 million from shareholders so it can upgrade football pitches and clubhouses, boosting shares 6.3% to 110p.

Oil and gas exploration firm Petrel Resources (PET) was awarded two new licensing options in the Porcupine Basin, offshore Ireland, under Phase II of the 2015 Atlantic Ireland round. Shares gained 34.2% to 6.38p.

Mineral development company Bushveld Minerals (BMN) plummeted 13.3% to 2.13p after its shares were readmitted to trading on the stock market. It has secured funding of $5.2 million with its partners to complete the first phase of the acquisition of Strategic Minerals from Evraz.

Gains on the $18.7 million sale of a business helps profits for the year to 31 December 2015 rise at Kazakhstan-based oil company Roxi Petroleum (RXP). Shares rose 2.7% to 9.5p.

Drug development firm Verona Pharma (VRP) said its full year loss after tax more than doubled to £7.42 million compared to 2014 as a result of increased research and development costs, causing shares to fall 6.7% to 3.10p.

Shares in laboratory services provider Source BioScience (SBS) gained 14.4% to 17.02p as Continental Investment Partners and Harwood Capital approached the company about a possible takeover of 'not more than' 18p a share. Story provided by

Related Company: IAP

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