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Market Wrap - Market Open

Banks push FTSE lower

16 September 2016 09:18

The FTSE 100 opened 0.3% lower at 6,712 on a lack of corporate results and weaker oil prices.

West Texas Intermediate (WTI) crude oil slipped 1.1% to $43.41 and Brent crude oil declined 1.2% to $46 per barrel, respectively.

Gold nudged lower to $1,312 per ounce and copper was flat at $4,740 per tonne.

Banking stocks Royal Bank of Scotland (RBS), Standard Chartered (STAN) and Barclays (BARC) were in negative territory after Deutsche Bank was hit by a $14 billion fine in the US.

MID CAP RISERS AND FALLERS

BBA Aviation (BBA) agreed the sale of commercial aviation services company ASIG with John Menzies on the terms of the sale of ASIG for $202 million in cash.

Insurance services provider Phoenix (PHNX) confirmed it is evaluating a possible acquisition of Abbey Life Assurance.

SVG Capital (SVI) traded 4% higher after its first half pre-tax profit soared from £20.3 million to £119.6 million.

Tullow Oil (TLW) confirmed a gas discovery on the Cara prospect in licence 636 in the Norwegian North Sea.

SMALL CAP RISERS AND FALLERS

A profit warning from Intercede (IGP) caused shares to crash 35% after the company suffered a slow start to the current financial year and experienced delays in the receipt of anticipated MyID licence orders from clients.

Avanti Communications (AVN) won a new contract with the European Space Agency, which will provide satellite broadband connectivity to 1,400 community sites across Sub-Saharan Africa over the next two years. Its shares gained 8.7% to 34.25p.

ECO Animal Health Group (EAH) reported significantly higher sales and said sterling depreciation will enhance earnings, causing the firm to trade 13.1% higher.

Waste oil services provider Hydrodec (HYR) was in positive territory after boosting its revenues from continuing operations by 148% to $8.1 million in the first half of the year due to full commissioning of the Canton plant in 2015.

Solo Oil raised £2 million through the issue of over one billion shares in a company sponsored placement to a single institutional investor Epsilon, which will be used to fund the firm's share of the Ntorya-2 well in Tanzania.

Paternoster Resources (PRS) reported pre-tax profit climbed from £0.3 million to £0.4 million following significant gains from its investments.

Scancell (SCLP) fell 11.7% to 15p after widening its first-half pre-tax loss to £3 million,up from a loss of £2.8 million last year.

Story provided by StockMarketWire.com

Related Company: BBA

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