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Market Wrap - Midday

Big banks rally FTSE 100

07 December 2016 11:48

The FTSE 100 jumped 1.5% to 6,879 as banking stocks continued its rally this week.

UK banks Royal Bank of Scotland (RBS), Barclays (BARC) and HSBC (HSBA) advanced by over 3%.

Miners and insurers also added to the FTSE's strength.

West Texas Intermediate and Brent crude oil rose 0.3% to $51 and $54 per barrel, respectively.

Gold nudged higher to $1,170 per ounce and copper climbed 0.5% to $5,908 per tonne.

Manufacturing production in the UK declined by 1.3% compared with September 2016, according to the Office for National Statistics. Weakness was noted in the oil, gas and pharmaceuticals sectors.


Accounting software supplier Sage (SGE) confirmed speculation it is considering potential strategic options for its North American payments business, but this failed to move the stock.


Building support services company Carillion (CLLN) slumped 3.6% to 246p as the pace of new orders slowed in the second half of the year. This was partly due to spending delays by the Government following the Brexit vote.

British transport company Stagecoach (SGC) accelerated 2.9% after maintaining its annual earnings outlook despite lower bus profits in the first half. The firm said it planned to hike its dividend to reflect its confidence in future appetite for public transport.


Investment holding company Mineral & Financial Investments (MAFL) reported that 49%-owned TH Crestgate completed a geological re-interpretation of four historic drill holes at a Portuguese project. This revealed long intersections of copper rich polymetallic mineralisation, which caused shares to soar 19.5% to 6.28p.

Posh wellies seller Joules (JOUL) fell 5.4% to 191.5p despite a reassuring trading update. It said group revenue increased by 16.2% to £81.4m in the half year to 27 November.

Medical company LiDCo (LID) launched a 14.3% discounted cash call for £3m of funding.

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