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FTSE down despite BP rally and stronger oil prices

16 December 2016 16:41

A turnaround in oil prices and 1.4% rally by oil giant BP (BP.) failed to propel the blue chip index into positive territory on a quiet day for large cap corporate news.

West Texas Intermediate crude oil jumped 1.9% to $51.89 and Brent crude oil advanced 2.2% to $55.19 per barrel, respectively.

Gold glittered at $1,131 per ounce, while copper cheapened 1.2% to $5,643 per tonne.

FTSE 250 RISERS AND FALLERS

Pest control firm Rentokil (RTO) advanced 4.2% to 220p on news of a joint venture with German peer Haniel for its workwear and hygiene units. Under the terms of the agreement, Rentokil will bank an initial €520m and have an 18% stake in the venture.

CMC Markets (CMCX) got a 8.4% boost to 110.6p on a positive broker note.

SMALL CAP RISERS AND FALLERS

Newspaper publisher Trinity Mirror (TNI) was hot off the press as it issued guidance for full year performance to be marginally ahead of expectations. Its shares jumped 9.5% to 92p.

Aerial platform business Lavendon (LVD) gained 7.5% as the bidding war for the company intensified. Thermote & Vanhalst increased its offer from 205p to 230p yesterday and its rival Loxam responded with an increased cash offer of 250p per share.

Torotrak (TRK) was notified by a prospective licensee that a further deterioration in the trading outlook for the global off-highway market could delay the completion of current license negotiations. Management said it would take longer to secure the first licence than expected. The stock slumped by 31.3% on the news.

Industrial threads manufacturer Coats (COA) rose 9.3% on a proposed deal to address historic pension liabilities, which could allow it to resume dividends in the future.

Angus Energy (ANGS) increased its interest by 10% in the Brockham oil field for a cash payment of £100,000, which pushed the stock 23.5% higher to 9.8p.

Walkie talkie tech firm Sepura (SEPU) plummeted 18.5% after a takeover deal was priced lower than market expectations. It agreed a 20p offer from China's Hytera.

Health-focused wearable devices company Cloudtag (CTAG) crashed 22.6% to 10.2p after deciding to delay manufacture of a new product until it had received firm orders.

Investors were disappointed by Anglo Asian Mining's (AAZ) exploration results, as the stock declined 7.2% to 21.3p.

Johnston Press (JPR) entered a conditional agreement to sell Johnston Publishing East Anglia comprising 13 publishing titles and associated websites to Iliffe Media for £17m.

Specialist travel agent On The Beach (OTB) declined 5.8% to 260p as management sold 14 million shares in the company at 240p.

Marine seismic business Thalassa (THAL) flagged expected revenue growth of nearly 30% in 2017, but the stock fell into the red.

Colombian oil producer Amerisur Resources (AMER) slipped 3.5% to 27.5p after suffering operational delays linked to social unrest.

Story provided by StockMarketWire.com

Related Company: RTO

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