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Market Wrap - Market Open

FTSE begins mildly ahead on miners, financials

09 May 2017 08:52

FTSE shares began on a mildly positive note despite minor gains in sterling against the dollar and mixed industrial metals futures doing little to suppress gains in miners and financials.

Miners such as Glencore (GLEN), up 2.58% to 291.78p, Anglo American (AAL), up 2.08% to 1030.5p, and Antofagasta (ANTO), up 1.89% to 767.75p, led the blue chips higher. More metals diggers followed as did gold specialists led by Fresnillo (FRES), up 1.43% to 1421p.

Not long after the open, the FTSE 100 was up 11.34 points, or 0.16%, to 7312.2, while the FTSE 250 was up 49.03, or 0.25%, to 19,778.7.

Several banks made gains after Standard Chartered (STAN), up 1.75% to 721.5p, while retailers such as Next (NXT), ahead 1.04% to 4357p, did well as UK sales -- as measured by British Retail Consortium -- soared unexpectedly in April.

Insurers, house builder and oil majors mostly made gains, too, although airlines and several pharmas fell. Utilities were congregating lower behind Centrica (CNA), down 3.83% to 194.65p, and SSE (SSE), down 2.31% to 1415.5p.

Micro Focus International (MCRO), down 12.33% to 2313.5p, reiterated that for the year to April 30 it expects to report revenues within the range of management guidance of flat to -2% on a pro-forma, constant currency basis.

BIGGER MOVERS

Waterman (WTM) flew up 79.08% to 137p after it recommended a 140p-a-share cash offer from by CTI Engineering Co Ltd for the share capital it had not already agreed to be acquired. The offer valued the entire issued share capital of Waterman at about £43m.

MySquar (MYSQ) added 30.97% to 3.7p after confirming significant progress in achieving its monetisation targets. Average daily revenue reached $5000 during the first week of May 2017, up from an average of about $3900 in April 2017.

Sepura (SEPU) rose 23.22% to 12.63p as it said the Secretary of State for Business, Energy and Industrial Strategy had announced that, subject to the outcome of public consultation that closes on on May 10, he was proposing to accept statutory undertakings set out by the parties involved in the company's acquisition by Hytera Communications Corp Ltd.

LONDON HIGHLIGHTS

Mayan Energy (MYN) fell 12% to 1.1p after announcing encouraging progress in connection with its LM 13 Shallow-Well (LM13) programme. It had also concluded negotiations with a major creditor settling its obligations at a considerable discount.

Stanley Gibbons (SGI), down 11.27% to 7.88p, has announced the sale of a major part of its Interiors division, as restructuring far exceeds its original targets and the group increasingly focuses on its core business.

RedstoneConnect (REDS), down 4.84% to 1.48p, has agreed to acquire the entire issued share capital of Easter Road Holdings Ltd and its subsidiary, Anders + Kern UK Ltd, for £1.4m cash. It also proposed a £6.5m placing and a one-for-100 share consolidation.

Cambria Automobiles (CAMB), up 4.32% to 72.5p, said its H1 underlying pre-tax profit rose 21.7% to £5.6m. Revenue increased 11.0% to £309.1m.

OptiBiotix Health (OPTI), up 2.92% to 70.5p, has agreed to grant a non-exclusive license agreement to Nutrilinea for the production and commercialisation of products containing OptiBiotix's LPLDL strain in Europe with a view to maximising the financial return for both parties.

Gear4music (G4M), up 2.26% to 611.5p, said its FY underlying operating profits rose 192% to £2.6m. Revenues rose 58% to £56.1m. Underlying EBITDA increased 115% to £3.6m. Centaur Media (CAU), up 1.38% to 46.38p, traded in line with management expectations in the first three months of the new financial year.

Paysafe (PAYS), up 1.51% to 469.4p, continues to perform in line with the management expectations, and reiterates its FY 2017 guidance of low double-digit organic revenue growth, and to at least maintain a 30.1% adjusted EBITDA margin in FY 2017.

Wm Hill (WMH), up 1.25% to 303.95p, has made a positive start to the year, across the board, and at this stage trading is in line with expectations for 2017. Cello Group (CLL), up 1.2% to 127p, has had a good start to the year and the outlook was pleasing.

Other stocks in the news included Spirax-Sarco Engineering (SPX), Grafton Group (GFTU), Hiscox (HSX), The Renewables Infrastructure Group (TRIG), IFG Group (IFP), TyraTech Inc (TYR), GB Group (GBG), Hydrogen (HYDG) and Commerzbank (CZB).

Story provided by StockMarketWire.com

Related Company: MCRO

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