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Market Wrap - Market Open

FTSE falls on financials, resources, airlines

30 January 2017 08:59

London stocks eased behind falls among blue-chip financials, resources and airlines as the market assesses US President Donald Trump's controversial migration-related executive order, amid concerns about a post-Brexit UK economy.

Soon after the open, FTSE 100 was down 57.41 points, or 0.8%, to 7127.08, while FTSE 250 was down 87.89, or 0.48%, to 18,102.9. At 8.39am, WTI crude was dwon 0.24% to $53.04/bbl and Brent was down 0.41% to $55.29/bbl. Gold was up 0.03% to $1188.8/oz, while silver and copper eased.

Among financials, insurer Old Mutual (OML) dropped 3.21% to 206.35p, while bank Barclays (BARC) faded 2.06% to 225.85p and investment specialist St James's Place (STJ) lost 1.39% to 1068p. More in these sectors fell, too.

Overall, about 90 blue chips lost traction. Oilies figured lower after BP (BP.), down 1.69% to 478.58p, and Shell (RDSA), off 1.18% to 2165.25p. Miners followed Anglo American (AAL), off 2.57% to 1333.75p, and BHP Billiton (BLT), down 1.74% to 1424.75p.

Randgold Resources (RRS), down 1.18% to 6502.5p, said its Loulo-Gounkoto gold mining complex in Mali is seen reporting a new production record for Q4 2016. It added talks were underway to resolve an illegal sit-in that started at its Tongon mine in Cote d'Ivoire late on Jan. 26.

Airlines EasyJet (EZJ), lower 1.62% to 958.25p, and International Consolidated Airlines (IAG), down 1.62% to 489.85p, also suffered. Supermarkets queued south after Tesco (TSCO), dropping 2.61% to 201.15p as the market appraised competition concerns relating to its Booker deal.

To the very limited upside, Vodafone (VOD) flew up 3.04% to 199.23p as it talks with the Aditya Birla Group about an all-share merger of Vodafone India (excluding Vodafone's 42% stake in Indus Towers) and Idea. Any merger would be effected through the issue of new shares in Idea to Vodafone and would result in Vodafone de-consolidating Vodafone India.


MyCelx (MYXR), up 55.56% to 35p, was confident it would be able to report FY results in line with market expectations, and show that MYCELX had successfully achieved an operationally cash-flow neutral position, in line with its stated target.

Torotrak (TRK) fell 38.08% to 1.13p as talks with passenger car Tier 1s and OEMs revealed the priorities for new product spend for many players in the European passenger car market had profoundly changed in recent months. The focus was increasingly on electrification projects and regulation to reduce noxious emissions.

Symphony Environmental (SYM) rose 35.14% to 6.25p as it confirmed FY revenues of £6.80m, exceeding both prior year and market views. This, with the benefits of cost reductions, meant FY pretax profit was seen slightly ahead of market views and a considerable improvement on the 2015 loss before tax of £2.30m.

Jiasen International (JSI) lost 35% to 3.25p after it directors resolved to seek the cancellation of the company's shares from AIM, and apply for the ordinary shares to be admitted to trading on the NEX Exchange Growth Market.


Vast Resources (VAST) rose 23.81% to 0.39p on news it had secured a loan facility and agreed the partial disposal of a non-controlling interest in its Pickstone-Peerless Gold Mine and Giant Gold Mine, providing gross proceeds of $8m to advance its core activities in Romania.

Alba Mineral Resources (ALBA) firmed 14.86% to 0.42p on completion of preliminary evaluation of the high-resolution airborne electromagnetic-magnetic geophysical survey on the Amitsoq graphite project in southern Greenland. Initial results were highly encouraging.

PhotonStar LED (PSL), down 15.56% to 0.95p, experienced challenging trading conditions in H2 2016 and said its FY results were expected to be below current market views, citing UK's Brexit vote among a range of contributing factors.

Murgitroyd (MUR), down 7.36% to 377.5p, has reported an H1 pretax profit of £1.48m, down 30% from the comparative period's profit of £2.11m. It proposed an interim dividend of 5p a share, up from 4.75p previously.

Filtronic (FTC), down 6.42% to 12.75p, swung into the black in H1, posting an operating profit of £1.8m against a loss of £4.3m last time. Egdon Resources (EDR), up 6.38% to 12.5p, has completed the acquisition of an additional interest in PEDL201 in the company's East Midlands core area.

LGO Energy (LGO), down 6.06% to 0.12p, was disappointed that subsidiary Compaaia Petrolifera de Sedano's request for an extension of the La Lora concession has not been approved by Spain's Cabinet of Ministers. The concession would end at midnight on Jan. 31.

YouGov (YOU), up 4.57% to 229p, said H1 trading was anticipated to be ahead of directors' previous expectations. It had a strong platform for the seasonally more significant H2, which gave directors confidence in achieving their FY targets.

Other stocks in the news included Conviviality (CVR), Purplebricks (PURP), Flybe (FLYB), Redcentric (RCN), James Halstead (JHD), Yu (YU.), WYG (WYG), HgCapital (HGT), Scancell (SCLP), Secure Property Development and Investment (SPDI) and ATTRAQT (ATQT).

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