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Market Wrap - Market Open

FTSE creeps higher on resources in quiet trade

28 December 2016 08:56

London stocks crept higher in the first session after the Christmas break, with resources and financials providing direction in the so far quiet session opening a shortened trading week.

BHP Billiton (BLT) led with a 4.12% rise to 1309.25p, with Anglo American (AAL) adding 3.8% to 1168.25p, Fresnillo (FRES) gaining 3.01% to 1145.5p and Randgold (RRS) up 2.96% to 6007.5p.

At about 8.48am, gold was up 0.28% to $1142.10/oz. Silver fell 0.21% to $15.96/oz and copper shed 0.56% to 250.15 cents a pound. WTI crude rose 0.33% to $54.08/bbl and Brent rose 0.34% to $56.28/bbl.

Among oilies, Shell (RDSA) was ahead 0.49% to 2224.25p, while BP (BP.) gained 0.26% to 504.30p.

Financial stocks firmed after HSBC (HSBA), up 1.11% to 653.70p, Old Mutual (OML), up 1.01% to 200.9p, and Experian (EXPN), ahead 0.84% to 1566p. Other financials slipped, however.

Soon after the open, FTSE 100 was up 16.30 points, or 0.23%, to 7084.47, while FTSE 250 was up 38.32 points, or 0.21%, to 17,947.90. Blue-chip risers and losers were roughly evenly split.

To the downside, the story was inked by airlines, commercial property and leisure. IAG (IAG) fell 2.44% to 446.05p, while easyJet (EZJ) taxied 1.88% lower to 1015.5p.

Hammerson (HMSO) guided commercial property with its fall of 1.36% to 561.25p, while leisure stocks softened in the wake of Merlin (MERL), down 0.97% to 443.55p. House builders also eased.

BIGGER MOVERS

Graphene NanoChem (GRPH), up 24.32% to 11.50p, has announced a significant contract win with the receipt of its first commercial order and deployment of PlatDrill in China, tapping into the new burgeoning market for shale gas development in the south-west region of China.

Urals Energy (UEN), up 13.64% to 3.13p, said that, further to its announcement in August, the loan provided by Kamchatcomagroprombank (KKAPB) for the acquisition of Arctic Oil Company Ltd has now been repaid in full.

Nostra Terra (NTOG), up 11.84% to 2.13p, has announced the results of its internal reserves report for the Pine Mills oil field together with a strategy update.

LONDON HIGHLIGHTS

Sports Direct International (SPD), up 1.89% to 277.55p, has entered into an agreement to sell its rights to the Dunlop brand and related wholesale and licensing businesses to Sumitomo Rubber Industries Ltd (SRI) for $137.5m cash.

Windar Photonics (WPHO), up 6.25% to 85p, announces an order of 5 WindEYE LiDAR units from an Indian IPP for immediate delivery.

Intercede (IGP), down 3.51% to 55p, saw revenues fall by 49% to £2.8m in the six months to the end of September. It posted a loss for the period of £2.8m, from a profit of £0.5m.

Loxam has agreed an increased recommended all cash offer of 260 pence for Lavendon (LVD), up 2.43% to 263.75p. This follows a second increased offer of 251p per share announced by TVH on 23 December.

boohoo.com (BOO), up 1.89% to 134.75p, has agreed to acquire certain intellectual property assets from retailer Nasty Gal Inc for $20m.

Harworth Group (HWG), up 1.14% to 88.5p, has completed the sale of 43.71 acres at its flagship Logistics North development in Bolton to a leading company for £22.5m.

Mortice Ltd (MORT), up 0.53% to 94p, has posted an H1 pretax profit of $3.1m, which is up from a profit of $313,580 a year ago. Total income was $91.9m, from $51.2m.

Tullett Prebon (TLPR), up 0.1% to 420.50p, confirms that 310.3m new shares, or about 56% of its issued capital, will be issued to the shareholders of NEX Group (NXG), up 0.84% to 465.9p. This was in connection with Tullett Prebon's acquisition of NEX's global hybrid voice broking and information business.

Other stocks in the news included Tekcapital (TEK), Riverstone Energy Ltd (RSE), Randall & Quilter Investment (RQIH), Georgia Healthcare (GHG), International Public Partnerships (INPP), Aurum Mining (AUR), TCS Group Holding (TCSA) and EFG Hermes (EFGD).

Story provided by StockMarketWire.com

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