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Market Wrap - Market Open

FTSE nips higher on miners, property, financials

07 December 2016 08:52

London equities are firmly ahead in early deals, with blue chips led up by bullish turns higher among miners. Commercial property and several financials were also notable gainers.

At about 8.34am, WTI crude was down 0.77% to $50.54/bbl and Brent was down 0.76% to $53.52/bbl. Gold was up 0.17% to $1172.1/oz.

Soon after the open, FTSE 100 was up 60.17 points, or 0.89%, to 6480.01, while FTSE 250 added 71.77, or 0.41%, to 17,523.9.

Antofagasta (ANTO), up 4.81% to 762.5p, led the roughly 77 blue chips gaining, and was trailed by Rio Tinto (RIO), up 4.19% to 3148.25p, and Anglo American (AAL), ahead 3.2% to 1232.75p.

British Land (BLND), up 2.64% to 612.75p, led commercial property up, and was followed by Land Securities (LAND), ahead 1.93% to 987.75p. More in the sector chased.

Also up were multiple lenders after Standard Chartered (STAN), up 3.49% to 679.9p, and insurers behind Old Mutual (OML), rising 1.62% to 190.95p.

Other sectors on the up included supermarkets, high-street retail, oil, telecoms and house builders. To the downside, WPP (WPP) guided with a 2.04% fall to 1659.5p.

Thereafter the story-line was studded with US rates-sensitive utilities behind United Utilities (UU), down 0.95% to 860.75p. A number of pharmas fell after Shire (SHP), off 1.04% to 4513.5p.

Sage (SGE), up 0.44% to 622.25p, noted media speculation and confirmed it was evaluating potential strategic options for its North American payments business, including a sale.


Mineral & Financial (MAFL), up 19.05% to 6.25p, said re-testing of historical holes at Lagoa Salgada has revealed 93m of mineralisation containing 2.85% copper equivalent, and points to a new geological structure.

LiDCO (LID), down 12.5% to 6.12p, has conditionally raised £3.0m gross via a placing and subscriptions at 6p a share. Both require shareholder approval.

Redhall (RHL), up 7.35% to 9.13p, has materially improved its FY pretax loss from continuing operations to £1.1m, from a loss of £3.6m. Revenue was £43.8m, from £44.7m.


Ironveld (IRON), up 5.88% to 4.5p, has posted a FY operating loss of £494,000, down from £520,000 last time. The loss before tax was £0.6m (2015: £0.6m) and cash balances were £0.1m (2015: £1.4m).

Croma Security Solutions (CSSG), up 5.17% to 30.5p, has won a three-year contract worth £490,000 a year with The National Army Museum. Milestone (MSG), down 5.26% to 0.45p, said it intends to pursue a company placee relating to outstanding proceeds from its October placing, and unveiled some details of a new placing.

Private & Commercial Finance (PCF), up 5.17% to 30.5p, was advised on 6 December 2016 that its application for a Banking Licence has been successful and has been approved by the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA).

Tertiary Minerals (TYM), up 4.44% to 1.18p, has entered into a non-binding Heads of Terms to acquire land and historic mine workings on its Lassedalen fluorspar project in Norway from global aluminium company, Hydro.

Carillion (CLLN), down 3.81% to 246.35p, said its performance is meeting forecasts and it expects strong growth in total revenue and increased operating profit. Kodal Minerals (KOD), up 3.03% to 0.09p, said first rock-chip assay results confirm high-grade lithium mineralisation at the Bougouni lithium project.

Prospex Oil & Gas (PXOG), down 2.98% to 2.28p, has appointed Strand Hanson Ltd as its Nominated and Financial Adviser with immediate effect. Be Heard (BHRD), up 2.94% to 3.5p, has acquired Kameleon Worldwide Ltd, an award-winning content marketing agency.

Stagecoach (SGC), up 1.7% to 209.2p, has posted an H1 pretax profit of £89.5m, from £90.8m. Its expectation for 2016/17 adjusted earnings per share was broadly unchanged, it said. Interim dividend was 14.4p a share, from 17.09p.

Inmarsat (ISAT), up 1.14% to 707p, has signed a contract with Air New Zealand to provide Global Xpress (GX) connectivity across the airline's long-haul and short-haul fleets.

Other stocks in the news included John Lewis of Hungerford (JLH), Porta Communications (PTCM), SerVision (SEV), AB Dynamics (ABDP), Oakley Capital Investments (OCL), Numis (NUM), Joules (JOUL), Tethyan (TETH), Bluefield Solar Income (BSIF), Arrow Global (ARW), Kromek (KMK) and The Monks Investment Trust (MNKS).

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