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Market Wrap - Midday

FTSE soars as Brexit fears ease

20 June 2016 11:45

The FTSE 100 and the pound rallied as markets grew more confident that the UK would vote to stay in the EU.

The FTSE 100 rose 2.8% to 6,188.51 and the FTSE 250 grew 2.6% to 16.851.94.

Banking stocks dominated the top risers in the FTSE 100 with Royal Bank of Scotland (RBS), Lloyds (LLOY) and Barclays (BARC) climbing between 5% and 7%.

Housebuilders were also supported by a boost in the 'Remain; campaign, with Taylor Wimpey (TW.) up 6.7% and Berkeley (BKG) ahead by 4.8%.

Metal miners suffered as gold prices dropped more than 0.8% to $1,282 per ounce. FTSE 100 miner Randgold Resources (RRS) fell 2.7% in response.

West Texas Intermediate crude oil climbed 1.7% to $48.78 and Brent crude oil increased 1.8% to $50.04 per barrel, respectively.

MAIN NEWS OF THE DAY

Allergy specialist Circassia (CIR) crashed 64.7% to 95.4p after final clinical trials showed its cat allergy treatment drug Cat-SPIRE was ineffective.

Rightmove revealed property prices in the UK rose by 0.4% in May.

MID CAP RISERS AND FALLERS

Investors liked Spectris's (SXS) acquisition of Capstone's software and associated assets for $22.5 million as shares climbed 4.5% to 1,743p.

SMALL CAP RISERS AND FALLERS

Naked Wines owner Majestic Wine (WINE) toasted a 3.1% rise to 451.5p, despite lower pre-tax profit as like-for-like sales increased as a result of strong growth in the US.

Investors were reassured by EnQuest's (ENQ) denial concerning implied company-specific discussions in The Telegraph about the UK government's rumoured North Sea contingency plans to guard against bankruptcies in the sector. Shares were up 9.5% to 31.5p on the news.

Drug developer Verona Pharma (VRP) completed an oversubscribed £44 million placing to fund clinical trials for smokers' cough treatment, gaining 25.3% to 3.49p.

Italian PR firm SEC announced plans to float on AIM and raise up to €6 million and expand into the UK market.

Facebook marketing partner Taptica (TAP) finalised terms of the final payment required as part of its acquisition of AreaOne, boosting shares 5.6% to 76.6p.

Technology investment business Mercia Technologies (MERC) fell 6.7% to 42p, despite securing four new university partnerships in the north of England and Scotland.

Simulation solutions provider SimiGon (SIM) advanced 5.4% to 19.5p after winning a $2 million contract with the Israeli Air Force for virtual maintenance training.

Irish mining company Kenmare Resources (KMR) soared 20% to 0.84p after its lenders agreed to support financial restructuring plans.

Gemfield (GEM) sold various quality rubies from its Mozambique mine for $44.3 million; shares nudged higher to 38.5p.

Story provided by StockMarketWire.com

Related Company: CIR

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