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Market Wrap - Close

FTSE gains positive momentum

10 August 2016 16:51

The FTSE 100 regained positive territory late in the day after following oil prices lower. It closed 0.2% higher at 6,866.

West Texas Intermediate (WTI) crude oil slipped 1.9% to $41.96 and Brent crude oil was down 1.8% to $44.17 per barrel, respectively.

Gold rose 0.4% to $1,345 per ounce and copper jumped 1.8% to $4,828 per tonne.

MAIN NEWS OF THE DAY

Film rights business Entertainment One (ETO) rose 10.2% despite rejecting a bid of 236p per share, which is believed to be from ITV (ITV) as investors are optimistic the broadcaster may increase it.

MID CAP RISERS AND FALLERS

Security outsourcer G4S (GFS) jumped 16.1% to 227.2p 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.

SMALL CAP RISERS AND FALLERS

Lookers (LOOK) entered a conditional agreement to sell its parts business to Alliance Automotive UK for £120 million.

Trafalgar New Homes (TRAF) swung from a profit to a loss but warned that if planning restrictions remain obstructive, a considerable shortage of housing supply in the South East will continue.

Prospex Oil and Gas (PXOG) said Beaufort Securities raised £775,000 in an oversubscribed placing on behalf of the company, which will be used to further support activities. Investors were unimpressed by the implied dilution as shares dropped 13.2% to 1.1p.

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 on a trial of its fuel technology in Saudi Arabia, causing shares to shoot up 30.8%.

Harvest Minerals (HMI) bloomed 30% to 8.1p 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 16.4% higher. Story provided by StockMarketWire.com

Related Company: ETO

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