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Market Wrap - Market Open

FTSE consolidates ahead of Trump tax reforms unveil

26 April 2017 08:55

London shares are mildly lower in early deals as markets continue to consolidate after their Monday run higher and ahead of US President Donald Trump unveiling his proposed tax reforms later today.

Sterling was a little lower against the US dollar and the euro. Not long after the open, the FTSE 100 was down 8.22 points, or 0.11%, to 7267.42, and the FTSE 250 was down 23.26, or 0.12%, to 19,559.1.

GKN (GKN), down 2.14% to 358.25p and leading blue chips lower, said it achieved good organic sales growth in Q1 as well as continuing to benefit from currency translation. A number of pharmas were retreating behind Shire (SHP), down 0.91% to 4584.5p.

Falls in gold, silver and copper prices unsettled several miners. Fresnillo (FRES) fell 1.23% to 1484.5p on reporting a solid Q1 performance. It remained on track to meet its 2017 output guidance of 58m-61m oz of silver and 870-900 koz of gold.

Antofagasta (ANTO), down 0.21% to 836.25p, said its Q1 production was in line with its expectations and was some 9% higher than in the same quarter of last year. It reasserted its FY guidance for 685,000-720,000 tonnes of copper at a cash cost before by-product credits of $1.55/lb and a net cash cost of $1.30/lb.

BHP Billiton (BLT), up 0.52% to 1212.75p, achieved record production at Western Australia Iron Ore and five Queensland Coal mines for the nine months to end-March but has lowered copper guidance.

Other sectors losing traction included utilities, insurance and banks, commercial property and house builders, but some constituents in these managed gains. Blue-chip fallers outnumbered winners 71 to 29.

London Stock Exchange (LSE), up 0.67% to 3329p, has reported a strong start to 2017 with Q1 total income from continuing operations up 19% at £458.7m and gross profit (after cost of sales) up 17%.

BIGGER MOVERS

Mariana Resources (MARL), up 43.7% to 85.5p, has agreed terms of a recommended share and cash deal under which Sandstorm Gold would acquire the issued and to be issued ordinary share capital in the company it does not already own.

Feedback (FDBK) fell 32.35% to 2.88p after raising £750,000 at 2.75p a share, with net proceeds being used to invest in product development, sales and marketing, primarily for TexRAD, and general working capital purposes.

Rosslyn Data Technologies (RDT), down 30.16% to 5.5p, has agreed to acquire Integritie (UK) Ltd for a total initial consideration of £2.588m. It also announced capital raisings totalling about £5m to part fund the deal and provide working capital.

LONDON HIGHLIGHTS

Crawshaw (CRAW) fell 16.53% to 25.25p after posting a wider FY pretax loss of £1.4m, from a loss of £344,000, despite a marked rise in revenue. It had also entered a transformational partnership with 2 Sisters Food Group.

Windar Photonics (WPHO) rose 11.43% to 97.5p on stating it had received a new order for 15 WindEYE LiDAR units from a newly appointed regional distributor focused on potential specific IPP customers in China. The LiDAR sensor units were expected to be delivered in Q2 2017.

Kefi Minerals (KEFI) rose 10.53% to 5.25p as it confirmed the company and government of Ethiopia had finalised the Tulu Kapi community resettlement plan. "We look forward to progressing with the final steps ahead before commencing construction."

Ortac Resources (OTC), up 10% to 4.13p, said Andiamo Exploration Ltd, a company in which it held an 18.48% equity interest, was about to begin a reverse circulation (RC) drill programme at its wholly owned Haykota Exploration License Area in Eritrea.

PCI-PAL (PCIP), up 5.88% to 45p, has been selected in a competitive tender by a world leader in the automotive repair market, replacing a legacy service provider. Cambian Group (CMBN), up 8.67% to 166p, said its operating losses rose to £7.6m in the year to end-December, up from £2.0m in 2015.

Industrial Multi Property Trust (IMPT), up 7.33% to 329.5p, told shareholders that unless they wanted to retain their stakes in what would become an unlisted investment fund they should accept to Hansteen's offer. Hansteen had upped its cash offer to 330p a share.

Jupiter Fund Management (JUP), up 2.69% t6o 477.3p, said its total assets under management rose 7.4% to £43.5bn in the three months to the end of March. It had made a strong start to 2017.

Devro (DVO), up 2.97% to 194.88p, said its trading for the period since the start of January has been in line with the board's forecasts with with total sales volumes ahead of the equivalent period last year.

Other stocks in the news included Boohoo.com (BOO), Metro Bank (MTRO), Redefine International (RDI), Tullow Oil (TLW), Rockhopper Exploration (RKH), Microsaic Systems (MSYS), Nichols (NICL), Petards (PEG) and Glanbia (GLB).

Story provided by StockMarketWire.com

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