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Market Wrap - Midday

FTSE 100 falls after oil price drop

10 August 2016 11:42

The FTSE 100 fell 0.2% to 6,837 amid a decline in oil prices.

West Texas Intermediate (WTI) crude oil slumped 1.1% to $42.28 and Brent crude oil nudged 0.8% lower to $44.62 per barrel, respectively.

Gold rose 0.8% to $1,350 per ounce and copper was steady at $4,740 per tonne.


Film rights business Entertainment One (ETO) rose 6.7% despite rejecting a bid of 236p per share from ITV (ITV) as investors are optimistic the broadcaster may increase it.


Security outsourcer G4S (GFS) jumped 17.5% to 229.8p after revealing significantly improved earnings and cash flow, supported by £1.4 billion of new contracts.

The market was impressed with Paysafe's (PAYS) interim results after doubling its revenue to £486.7 million in the year to 30 June.


Immunology-focused drug developer Midatech Pharma (MTPH) received a shot in the arm after it said it expected 1,000% rise in revenue to £3.8 million, supported by new product launches.

Quadrise Fuels International (QFI) executed a memorandum of understanding to progress the production to combustion trial in Saudi Arabia, causing shares to shoot up 19.3%.

Harvest Minerals (HMI) bloomed 22% following the completion of an independent scoping study for its Maximus direct application natural fertiliser (DANF) project.

RTC (RTC) reported an increase in operating profit due to the National Rail project in progress, but a warning that unsettled political and economic conditions might impact the recruitment sector worried investors.

Life sciences specialist Avacta (AVCT) secured a £3.8 million grant from the Medical Research Council to develop a diagnostic that spots the difference between viral and bacterial infections.

Support services firm Interserve (IRV) swung from a profit to a loss of £33.8 million as a result of a £70 million exceptional charge. The charge is due to the company's exit from the energy to waste business, but investors were undeterred, pushing shares 16.9% higher.

Gem Diamonds (GEMD) said full year guidance for ore tonnes treated and operating costs may need to be re-assessed after extreme weather damaged overhead power lines at the Letseng mine. It said carats recovered are not expected to be affected materially, but shares slumped 3.8% to 123.6p.

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