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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.


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.


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.

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