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Market Wrap - Midday

M&A activity pushes FTSE 100 higher

18 July 2016 12:00

Increased merger and acquisition activity boosted the FTSE 100 as investors were comforted with further stability following post-Brexit anxiety.

The FTSE 100 rose 0.3% to 6,689.88 and the FTSE 250 was up 0.7% to 16,851.44.

Travel stocks failed to take off after the failed coup in Turkey over the weekend as 50,000 UK tourists holidayed in the country.

On The Beach (OTB) dropped 2.2% to 220p and Thomas Cook (TCG) traded 1.78p lower at 62.02p. Events firm ITE (ITE) retreated 2.6p to 152.8p due to its material footprint in Turkey.

Falling copper prices at $4,894.3 per tonne pushed mining stocks Anglo American (AAL) and BHP Billiton (BLT) 1.9% and 2.7% lower, respectively.

West Texas Intermediate (WT) crude oil slid 0.6% to $45.69 and Brent crude oil declined 0.5% to $47.37 per barrel, respectively.

Gold was stable at $1,327.5 per ounce.


House prices fell by 0.9% in June following Brexit, which was a bigger decline than expected.

UK chip designer ARM (ARM) confirmed it will be bought by Japan's Softbank for £24 billion, causing shares to shoot up 42.6% to 1,695.1p. The £17 per share deal represented a 43% premium to its closing price on Friday.


British Land (BLND) reported a robust quarter of letting activity leading up to the UK's EU referendum vote, nudging 2.5p lower to 626.5p.


Investors raised a glass to alcohol retailer Conviviality (CVR) as it reported increased sales, adjusted pre-tax profits and free cashflow, which was boosted by October's takeover of Matthew Clark. The company also hiked its dividend 14% as shares rose 10.4% to 196.5p.

Micro-cap sensor systems specialist Transense Technologies (TRT) jumped 48.7% to 1.4p due to a licensing agreement with General Electric. The US conglomerate will pay to use its surface acoustic wave technology.

A profit warning from Christie (CTG) prompted a decline of 9.2% to 78.1p. Softer trading in its Professional Business Services division means operating profit for the year to 31 December is likely to be lower than previously expected.

Herencia Resources (HER) dropped 9.2% to 0.02p after completing the first JORC 2012 mineral resource estimate for its flagship Picachos Copper project.

Crimson Tide (TIDE) won a contract with a large UK retailer, where its mpro5 technology will be used to monitor store safety, cleanliness and security, boosting shares 7% to 3.1p.

Oil producer EnQuest (ENQ) said it's in discussions with Delek concerning the sale of a 20% interest in its Kraken development, nudging shares 0.6% higher to 29.9p.

Conroy Gold and Natural Resources (CGNR) dropped 8.7% to 40.1p after four new gold zones were intersected in a drilling programme on its Glenish gold target in Ireland.

Nigerian oil and gas company Sirius Petroleum (SRSP) received environmental approval on its Ororo field licence, gaining 9.8% to 0.3p.

A disappointing update from Mirada (MIRA) concerned investors after it swung from a profit in its last financial year to an operating loss in March 2016 of £360,000.

Tiziana Life Sciences (TILS) bought key assets from Shardna SpA in Sardinia for €258,000, pushing shares 12.7% higher to 166.2p.

Gold miner Serabi Gold (SRB) said production from the Sao Chico and Palito mines in the second quarter were in line with the first quarter. However, investors were unimpressed with a lack of production figures, triggering a drop of 4% to 6p.

The market didn't like Matchtech's (MTEC) proposal to rename the company Gattaca in a bid to avoid confusion over the group brand and operating engineering brand sharing the same name, pushing it 0.7% lower to 322.6p.

Trans-Siberian Gold (TSG) slid 3.6p to 36.4p as a result of declining silver production, despite gold production rising compared to the last year.

London-based intelligence provider Falanx (FLX) reported lower turnover and wider pre-tax losses in the year to 31 March 2016 as the foundations of the Cyber Defence business was developed. Shares were up 1.7% to 4.4p on the news after an earlier dip.

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