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Market Wrap - Market Open

FTSE slips on miners as property, banks firm

15 July 2016 08:56

London equities are a smidgen lower as traders embrace a move towards political stability in the UK's ruling Conservative party, although a pall remains over sentiment in the wake of a terror attack in Nice, France, that claimed about 84 lives last night.

Metals burrowers were on the back foot behind Fresnillo (FRES), lower 3.12% to 1847.5p, with Anglo American (AAL), down 2.22% to 824.7p. These were followed by several other big-ticket miners, with Shell (RDSA), lower 0.43% to 2074.5p, and BP (BP.) falling much less.

Soon after the open, FTSE 100 was down 2.36 points, or 0.04%, to 6652.11, and FTSE 250 was down 33.46, or 0.2%, to 16,754.6. At 8.34am, WTI crude was at $45.19/bbl and Brent was at $46.79/bbl, both down more than 1%. Gold was at $1332/oz, a whisker higher.

Leisure-linked stocks softened after the Nice tragedy, when a truck ploughed into a crowd celebrating France's Bastille Day. Its pistol-wielding driver was killed by police. EasyJet (EZJ) fell 3.12% to 1134.5p, while TUI (TUI), Carnival (CCL) and Merlin (MERL) tapered.

Otherwise, insurers ebbed after Admiral (ADM), down 1.13% to 2006p, while supermarkets traced Marks & Spencer (MKS), down 0.97% to 327.3p. Several pharmas and retailers also eased. Losers and winners were roughly evenly split.

To the upside, the story remained one of property and banks. House builders firmed in the wake of Persimmon (PSN), up 1.26% to 1568.5p, and Barratt (BDEV), up 1.25% to 412.9p. Commercial real estate was further back and led by British Land (BLND), up 0.48% to 627.5p. Among banks, Barclays (BARC) was frontrunner with a rise of 1.42% to 150.1p.

BIGGER MOVERS

Sepura (SEPU), up 15.42% to 42.13p, has now been formally contracted to supply a TETRA network for New York City Transit.

Dotdigital (DOTD), up 5.06% to 46.75p, reported overall revenue was up 26% to about £26.9m, from £21.4m. It said EBITDA would be slightly ahead of market expectations

Faroe Petroleum (FPM), down 5.79% to 75.13p, has raised £62m gross at a price of 70p a share. More than 88m new shares in Faroe were placed.

LONDON HIGHLIGHTS

Mosman Oil & Gas (MSMN), up 4.76% to 1.1p, said its chairman met with the officers of GEM International Resource in Hong Kong last month to discuss planning for exploration including bulk mining sampling and other matters regarding that company.

Opera Investments (OPRA), up 4.65% to 5.63p, has posted a six-month pretax profit of £67,051 on revenue of nil. Administrative costs of £151,964 were more than offset by other operating income of £219,015.

Stanley Gibbons (SGI), down 3.7% to 9.75p, said directors are reconsidering the benefits of off-shore status for the group as a whole. It has ushered in a number of board and management changes, including for CEO, CFO and chairman.

Shanta Gold (SHG), up 3.45% to 7.5p, said that, at the Singida Gold Project, pilot-scale production is to start in Q1 2017 on Gold Tree 1 Prospect, building up to a milling rate of 10 tonnes per hour (tph) for gold production of about 800 oz.

BrainJuicer (BJU), up 2.58% to 377.5p, said in its six-month trading update that top-line growth was generally encouraging. Revenue rose 13%, and gross profit grew 15%.

DCC (DCC), up 2.06% to 6807.5p, said that in Q1 overall operating was significantly ahead of the prior year and modestly ahead of expectations. HomeServe (HSV), down 1.14% to 540.25p, traded in line with its expectations and expects to deliver good growth in the year ending 31 March 2017. Trading would be weighted towards H2.

FirstGroup (FGP), down 0.73% to 101.45p, said group revenue in the first quarter decreased by 1.4% in constant currency. Revenue growth in First Student, First Transit and First Rail was offset by decreases in First Bus and Greyhound.

Other stocks in the news included Melrose Industries (MRO), Telit (TCM), Vernalis (VER), Anglo Pacific (APF), PowerHouse (PHE), Oncimmune (ONC) and Regency Mines (RGM) and TomCo (TOM).

Story provided by StockMarketWire.com

Related Company: SEPU

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