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Market Wrap - Market Open

Miners slump on sharp drop in metals prices

18 April 2017 09:10

As investors returned to the UK markets following the long Easter weekend, there was little corporate news to stir the FTSE 100.

Commodity prices slumped across the board with iron and copper the biggest casualties, suffering a 4.7% and 1.4% drop respectively.

Anglo American (AAL) and Rio Tinto (RIO) were the biggest blue-chip fallers.

Oil giant Royal Dutch Shell (RDSB) slid 1.6%, while high street banks Royal Bank of Scotland (RBS) and Barclays (BARC) acted as a further headwind.

The FTSE 100 was 1% lower at 7,252.

OVERSEAS MARKETS

Investors on Wall Street were feeling confident as it entered first quarter earnings season. The Dow Jones closed 0.9% higher on Monday.

Political tensions over North Korea kept Asian markets subdued as China's SSE Composite and Hong Kong's Hang Seng slipped 0.7% and 1% respectively on Tuesday.

Japan remained resilient as the weaker yen helped exporting businesses such as Honda, prompting ther Nikkei 225 to close 0.3% higher.

FTSE 250 RISERS AND FALLERS

UK housebuilder Bovis (BVS) rose 1.5% to 925.5p thanks to a positive analyst note from broker Jefferies.

SMALL CAP RISERS AND FALLERS

It was a disappointing day for Circassia Pharmaceuticals (CIR) as its top-line results for its investigational house dust mite allergy immunotherapy Phase IIb field study failed to achieve to its primary endpoint. The stock nudged 2% lower to 100.8p.

Elsewhere in the pharma space, Motif Bio (MTFB) announced positive results from REVIVE-1, its Phase IIII trial of its investigational drug candidate iclaprim in patients with complicated skin infections. Shares in the firm jumped 20.7% to 35p.

The largest regional airline in Europe Flybe (FLYB) flied 1.4% higher as its chief financial officer Philip de Klerk resigned to take up the reins at another company.

Investors in cloudBuy (CBUY) faced a bleak outlook as management warned that its outlook for the business remained challenging. The firm reported that cost-cutting and a focus on realistic revenue growth will improve its position in 2017 and 2018, pushing the stock up 3.7% to 3.5p.

LGO Energy (LGO) gained 6.5% to 2p as its second development well, GY-683 in Goudron field in the Mayaro Sandstone reservoir commenced production.

Story provided by StockMarketWire.com

Related Company: BVS

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