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FTSE jumps higher on BP

05 May 2017 16:56

The FTSE enjoyed positive momentum as oil companies and miners were stable thanks to stronger oil and commodity prices.

Brent and West Texas Intermediate crude oil rallied over 2% to $49.40 and $46.50 per barrel.

British Airways owner International Consolidated Airlines and budget airline Easyjet (EZJ) were also among the top risers thanks to strong corporate updates.

Copper rose 0.8% to $5,555 per tonne.

OVERSEAS MARKETS

Legendary investor Warren Buffett clearly lost confidence in IBM as he sold a third of his stake in the company, which helped push the Dow Jones 0.1% lower on Friday.

Asian stock markets were weak overnight as equities in Hong Kong and China closed 0.8% lower.

FTSE 100 RISERS AND FALLERS

The departure of Holiday Inn owner InterContinental Hotels (IHG) CEO Richard Solomons in August overshadowed the firm's upbeat trading update as the stock fell by 1.7% to £41.09. The company said he would be replaced by Keith Barr.

Publisher Pearson (PSON) rallied 12.7% to 741.3p as it announced new restructuring plans and revealed first quarter trading was in line with the guidance provided at the time of its FY 2016 results. 2017 operating profit is anticipated to reach £570m-£630m.

International Consolidated Airlines (IAG) was flying high after its operating profits before exceptional items rose to €170m, up from €155m last time. It was a record performance in IAG's traditionally weakest quarter.

EasyJet (EZJ) was also on the rise as it flagged encouraging passenger statistics for April. Shares in the firm gained 4.2% to £12.60.

Retail bellwether Marks & Spencer (MKS) was marked up 5.2% to 376p on the appointment of retailer Archie Norman, famed for his feats at ASDA and Kingfisher (KGF), as its new chairman. This followed the recent poaching of Halfords' (HFD) boss Jill McDonald to head up its clothing, home and beauty business.

Medical equipment firm Smith & Nephew (SN.) was on track to deliver 3% to 4% underlying revenue growth for its full year, sparking a share price rise of 3%.

Investors were relaxed about packaging products manufacturer Smurfit Kappa's (SKG) lower pre-tax profit, which fell 15% to €109m, from €128m.

FTSE 250 RISERS AND FALLERS

Morgan Advanced Materials (MGAM) revealed underwhelming sales number as revenue in its thermal product division decreased 2.8% in the first quarter of 2017, compared to the prior year. Shares in the specialist product manufacturer slumped 4.3% to 314.3p.

SMALL CAP RISERS AND FALLERS

Sepura (SEPU) suffered share price weakness following Germany's Federal Ministry of Economic Affairs and Energy decision to seek to initiate a review on the recommended cash offer for the firm by Hytera. The stock dropped by 28.6% to 11.2p.

Building services outfit T Clarke (CTO) sparked 12.3% to 88p as it said sales and profits for 2017 would be ahead of current market expectations thanks to successful projects and a stronger order book.

Strategic Minerals (SML) said Rarus, its joint venture partner in Central Australia Rare Earths agreed to sell its remaining shares in that vehicle for £522,500.

Story provided by StockMarketWire.com

Related Company: IHG

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