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Market Wrap - Market Open

FTSE flops on mixed bag as crude, gold sideways

25 August 2016 08:51

London stocks opened southbound, as anticipated, with pharmas, miners, insurers and commercial property mostly providing collective ballast. Utilities eked out minor gains for the most part.

Soon after the open, FTSE 100 was down 38.47 points, or 0.56%, to 6797.31 and FTSE 250 was lower 108.49, or 0.6%, to 17,906.2.

At about 8.39am, WTI crude was up 0.17% to $46.85 and Brent was up 0.02% to $49.06/bbl. Gold was down 0.01% to fetch $1329.6/oz. Essentially their prices were trading sideways.

Hikma (HIK) guided pharmas with a 3.99% slide to 2139p, and was traced by Shire (SHP), off 3.39% to 4854.5. More followed further back.

Miners were faltering in the wake of Glencore (GLEN), down 3.87% to 176.88p, while commercial property tapered behind Hammerson (HMSO), off 2.58% to 575.25p.

Insurers followed Prudential (PRU), lower 2.14% to 1350.5p. Banks were generally lower, but off the overall pace, this true of leisure, house builders, consumer goods and oilies.

Just 17 blue chips fashioned gains. CRH (CRH), up 3.16% to 2547p, led as its H1 EBITDA more than doubled to €1.12bn. Interim dividend was 18.8 euro cents a share.

A few utilities traipsed north behind National Grid (NG.), up 0.24% to 1066p, but were mostly muted in their performance.


Taihua (TAIH), up 60% to 1.8p, has published a circular to shareholders regarding a capital raising for about £0.7m via an open offer at an issue price of 2.63p a share.

Bellzone Mining (BZM) fell 16.13% to 0.26p as it updated on the results of a technical study undertaken on its Kalia Project for the production of ferronickel, as the first step in exploiting the project's iron-ore concession.

Thor Mining (THR), down 15.38% to 0.03p, confirms the start of its aircore drilling campaign designed to test for additional tungsten mineralisation within a 6km radius of its existing Molyhil tungsten deposit in Australia.


Kibo Mining (KIBO), up 12.5% to 5.62p, has inked a new agreement with SEPCO III on the Mbeya Coal to Power Project, securing cash payment and avoiding equity dilution

Vitesse Media (VIS), down 8.82% to 3.88p, has substantially reduced its H1 pretax loss to £69m, from a loss of £125m. Directors were confident the company would return to profit this financial year.

Jimmy Choo (CHOO), up 5.42% to 124.13p, has reported revenue growth of 9.2% at reported currency and 3.8% at constant currency in the six months to the end of June. Adjusted EBITDA rose 12.8% to £31.3m.

OptiBiotix (OPTI), down 5.41% to 70p, has widened its H1 pretax loss to £0.7m, from a loss of £0.5m. Revenue was just £88,252, from nil. Administrative expenses figured heavily in both periods.

IFG Group (IFP), down 4.21% to 176.25p, has reported a solid H1 performance but saw uncertain market conditions ahead.

Henry Boot (BHY), up 3.72% to 212.63p, posts pre-tax profits of £20.8m for the six months to the end of June - 48.6% up on last time.

Zamano (ZMNO), up 2.5% to 10.25p, has recorded an H1 pretax profit of €0.8m, from a year-ago profit of €1.1m. Revenue was much improved to €18.7m, from €10.4m. It noted mixed overall trading, but improvements in sales performance and cash generation.

Other stocks in the news included Air Partner (AIR), Phoenix Group (PHNX), Sierra Rutile (SRX), Camellia (CAM), Spire Healthcare (SPI), Cairn Homes (CRN), Ascential (ASCL), Fulham Shore (FUL) and Allied Minds (ALM).

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