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Rising miners push FTSE higher

15 June 2016 16:48

A rallying pound and rising shares for miners keeps the FTSE 100 pushing forward towards the 6,000 mark, despite oil prices weighing on the index.

The FTSE 100 closed 1% higher at 5,980.96 and the FTSE 250 climbed 0.6% to 16,326.05.

West Texas Intermediate (WTI) nudged 0.4% lower to $48.31 and Brent crude oil dropped 1% to $49.33 per barrel, respectively.

Gold slumped 0.2% to $1,283.5 per ounce and copper rose 2.6% to $4,629.78 per tonne.

The highest FTSE risers included Glencore (GLEN) up 6.5% to 136.5p and Antofagasta (ANTO) who advanced 6.4% to 419.7p.

MAIN NEWS OF THE DAY

Retailer Steinhoff said it's considering a takeover of Poundland (PLND), causing shares in the latter to climb 2% to 200p. Steinhoff recently tried to acquire French electrical retailer Darty (DRTY).

Bowling operator Hollywood Bowl announced a planned IPO in July in a bid to expand the business and provide a platform for further growth.

MID CAP RISERS AND FALLERS

British luxury shoe brand Jimmy Choo (CHOO) reassured investors with a good start to the year, confirming it is on track to deliver improved margins, boosting shares 13.8% to 109.2p.

Tech firm Aveva (AVV) terminated talks with Schneider Electric again and its shares fell 12% to 1,631p.

SMALL CAP RISERS AND FALLERS

Building products supplier Tyman (TYMN) entered an agreement to acquire North American manufacturer Bilco for £50.3m, triggering a rise of 10.4% to 249p.

Structural steel group Severfield (SFR) boosted its revenues and pre-tax profit after focusing on operational improvements and efficiencies over the last three years, leaving investors relieved as shares were up 10.5% to 52.5p.

UK software company Servelec (SERV) announced a profit warning after stating its operating profits will be significantly lower than last year, triggering a drop of 30.3% to 237p.

Turkish company MNG Gold Jersey said it plans to buy a 55% stake in Aureus Mining (AUE) and CEO David Reading resigned, boosting shares in Aureus by 23.8% to 3.2p.

Technology tool supplier Oxford Instruments (OXIG) boosted its pre-tax profit through its cost saving programme, pleasing the market and pushing shares 3.8% higher to 685p.

Iron casting producer Castings (CGS) was up 7.2% to 474.2p after increasing full-year profits. It said profit will decline in the current financial year, although is anticipated to improve next year.

Chemical technology group Accsys (AXS) posted increased revenue, which was driven by higher prices and more licensing income, triggering a rise of 0.3% to 63.08p.

Timber processing business Active Energy (AEG) said AEG WoodFibre delivered a 40% increase in revenue and anticipated revenue could rise by the end of the year to $50m. The market liked the news, prompting a climb of 3.2% to 4p.

Highland Natural Resources (HNR) announced a deal to sell its helium assets to Opera Investments and its shares dropped 36.4% to 29.5p.

Story provided by StockMarketWire.com

Related Company: TYMN

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