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RBS gains on rumoured job cuts

13 February 2017 16:49

Natwest owner Royal Bank of Scotland (RBS) rallied after the Sunday Times reported that difficult conditions would force the bank to cut 15,000 jobs.

Despite the bank denying the report, the stock advanced 1.6% to 232.3p. High street bank Barclays (BARC) rose 1.6%.

Miners were also among the top blue-chip risers after a rally in commodity prices earlier today, although these gains have been reversed.

The FTSE 250 continued to climb to record highs, as it hit 18,746 before easing back.

West Texas Intermediate and Brent crude oil slid by up to 2% to $52.84 and $55.51 per barrel, respectively.

Gold fell 1% to $1,222 per ounce and copper was flat at $6,084 per tonne.

On Wall Street, the Dow Jones and S&P 500 remained in positive territory, while Asian markets were reassured by US President Donald Trump's talks with Japanese Prime Minister Shinzo Abe over the weekend.

FTSE 100 RISERS AND FALLERS

Outsourcing firm Capita (CPI) fixed problems on its mortgage processing contract with Co-operative Bank, which was previously flagged as a risk. It said it will continue to provide administration services to the bank, which put itself up for sale today, but work on IT system upgrades will stop. The stock was 2.4% lower at 513.5p.

FTSE 250 RISERS AND FALLERS

Financial industry software provider Fidessa (FDSA) proposed to pay a 50p special dividend, in addition to 28.2p final dividend, as it is highly cash generative and has no debt.

The news emerged with full year results which show a 25% increase in pre-tax profit to £48.8m.

SMALL CAP RISERS AND FALLERS

Uranium explorer URU Metals (URU) raised £535,000 to investigate new acquisition targets in the lithium sector, which excited investors.

Xtract Resources (XTR) agreed to work with Nexus Capital to exploit alluvial gold deposits at Manica, prompting its shares to soar 33%.

Coconut trader Anglo African Agriculture (AAAP) won a 'significant' contract to supply a custom blended spice product to a leading Southern African food manufacturer this year.

Door designer Jiasen (JSI) suffered a 25% drop ahead of its general meeting on Wednesday as it will decide whether it will cancel its trading on the AIM market. If the motion is successful, Jiasen will move to the NEX Exchange Growth Market.

There was robust self-storage demand in the UK, according to Lok'nStore's (LOK) trading at its 26 sites. Occupancy rates rose by 4.6% as of 31 January, at the middle of its financial year. First half revenue increased by 3.9% year on year.

Hytera's planned acquisition of walkie talkie group Sepura (SEPU) stumbled as authorities in Germany contemplate taking a closer look at competition issues.

A discounted fundraising dragged down KEFI Minerals (KEFI) by 13% to 0.33p. This was despite the £5.6m cash injection providing enough money to support its requirements for 2017. KEFI reported it is trying to build a gold mine in Ethiopia.

Story provided by StockMarketWire.com

Related Company: CPI

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