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Market Wrap - Market Open

FTSE inches higher despite tumbling resources

22 August 2016 08:53

London stocks cast-off their early falls to be marginally in positive territory approaching 9am, led up by pharmas, house builders, utilties and retail-related stocks.

Soon after the open, FTSE 100 was up 7.46 points, or 0.11%, to 6866.41. FTSE 250 was ahead 32.01, or 0.18%, to 17,906.1.

Among pharmas, Hikma (HIK) led the pack with a 1.33% rise to 2317.5p, chased by Shire (SHP), ahead 1.04% to 5122.5p.

Taylor Wimpey (TW.) guided house builders as it added 1.24% to 155.2p, while Berkeley Group (BKG) firmed 1.09% to 2514p and Barratt Developments added 0.92% to 454.85p.

Utilities were chasing Severn Trent (SVT), ahead 0.62% to 2429p, while among the wider retail pack Dixons Carphone (DC.) rose 0.88% to 372.65p and Morrisons (MRW) gained 0.59% to 196.15p.

Other stocks on the up included tobacco, consumer goods, insurers, banks and commercial property. Blue-chip losers numbered just 24, with resources thick on the ground.

At 8.40am, WTI crude was down 1.69% to $47.7/bbl and Brent was down 1.85% to $49.94/bbl. Gold was 0.62% to $1337.8/bbl.

Among gold-touchy miners, Fresnillo (FRES) flopped 3.87% to 1864p and Randgold (RRS) reversed 3.44% to 8062.5p. These were chased by Antofagasta (ANT), Anglo American (AAL) and others.

Oil titans Shell (RDSA), lower 0.53% to 1916.25p, and BP (BP.), off 0.36% to 432.8p, suffered, too, as crude prices plunged.


365Agile (365) fell 20.9% to 26.5p on saying it did not see ongoing investment from the income stream generated from its licence deal with Castleton Technology, its operations based in Nottingham and trading under the Wireless Things name could become core to its future plans. A provisional decision had been made to close its Nottingham operations.

Premier African Minerals (PREM), down 23.08% to 0.5p, has provided an update on progress at RHA Tungsten project, Zulu Lithium and Tantalum project, and the proposed acquisition of 52% of TCT Industrias Florestais Limitada in Mozambique.

Image Scan (IGE), up 17.39% to 6.75p, expects its results for the year to the end of September to materially exceed current market forecasts.


MySQUAR (MYSQ), up 7.41% to 3.63p, said its latest game, launched Aug. 2, MyFish has attracted more than 500,000 registered users in its first three weeks and is already generating revenue of $600-$800 a day, at a gross profit margin of about 44%.

Kingspan (KGP), up 5.63% to 24.03p, has booked an H1 trading profit of €167.3m, up up 50% on last time.

Tracsis (TRCS), up 4.17% to 512.5p, said that its FY adjusted EBITDA and Adjusted profit for the year ended 31 July 2016 are seen in line with market expectations and also ahead of the previous year.

Safeland (SAF), down 3.91% to 61.5p, said its FY pretax profit fell to £6.1m, from £6.7m, with revenue more than doubling to £21.1m, from £10.3m. Looking ahead, Safeland said it had entered an extremely volatile environment and "turnover and profit flow can fluctuate significantly."

Alecto Minerals (ALO), up 2.94% to 0.09p, has signed a non-binding letter of intent for Ashanti Gold to earn an interest in the Kossanto East gold project in western Mali.

Polymetal International (POLY), down 2.79% to 1150p, has approved the de-bottlenecking project at the Amursk POX plant. CyanConnode (CYAN), up 2.7% to 0.19p, said its H1 revenue rose to £1,029,526, a 554% hike on the year. Operating loss was £2.9m, from £2.3m.

Nektan (NKTN), up 2.35% to 43.5p, has entered into an asset transfer and simultaneous licensing agreement with Buckingham HMB for three of its gaming brands. Buckingham will pay cash of £1.75m, with a further £200,000 expected to follow shortly, for the assets.

Other stocks in the news included 4D pharma (DDDD), Palace Capital (PCA), Chagala (CGLO), Stellar Diamonds (STEL), Idox (IDOX), Egdon Resources (EDR), Premier Farnell (PFL), Yujin Int'l (YUJ), Allied Minds (ALM), Trinity Capital (TRC), LGO Energy (LGO) and Avation (AVAP).

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