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Market Wrap - Market Open

FTSE rises with sterling, rebounding resources stocks

15 May 2017 08:46

The FTSE was rising in early deals as sterling continued to firm against both the dollar and euro, following the Dax and Cac 40 north as miners and oilies were respectively boosted by improved metals and crude prices.

A short time after the open, the FTSE 100 was up 18.83 points, or 0.25%, to 7454.22, while the FTSE 250 was up 36.21, or 0.18%, to 19,799.2.

Antofagasta (ANTO) led with a 2.2% gain to 791p, while Glencore (GLEN) added 1.64% to 289.68p and BHP Billiton (BLT) rose 1.4% to 1180.25p. Gold, silver and copper prices were ahead.

Oil majors gained alongside the prices for WTI and Brent crude. BP (BP.) added 1.5% to 466.88p, while Shell (RDSA) improved 0.92% to 2164.75p.

Blue-chip risers and fallers were roughly evenly split, with several but by no means all banks, insurers and commercial property taking a sortie north.

Lloyds (LLOY) gained 1.5% to 69.73p, while Legal & General (LGEN) firmed 0.61% to 256.85p and Hammerson (HMSO) added 0.21% to 592.25p.

TUI AG (TUI) led to the downside with a 3.4% slip to 1149.5p. It turned in a narrower H1 loss of €308.6m, from a year-ago restated loss of €394.9m. The group's turnover hit €6.38bn, up from a restated €6.18bn.

It was followed by a number of utilities, residential property and supermarkets.

Vodafone (VOD), down 0.38% to 210.25p, subsidiary Vodafone International Holdings BV has agreed to transfer part of its indirect shareholding in Safaricom Ltd to Vodacom Group Ltd, its sub-Saharan African subsidiary.

BIGGER MOVERS

Medilink-Global UK (MEDI) fell 50% to 0.62p as directors confirmed the company should proceed with cancelling its shares on AIM.

ECO Animal Health (EAH), up 11.44% to 560p, reported it would be likely to exceed market expectations for revenue and significantly beat anticipated pretax profit in the year to 31 March 2017.

Bilby (BILB), up 10% to 66p, said that a number of existing clients broadened the scope of work to be undertaken by Bilby companies in advance of its year end.

LONDON HIGHLIGHTS

888 (888), down 8.09% to 273.88p, said it had been informed the UK's Gambling Commission (UKGC) was conducting a review of the manner in which a subsidiary of the company carried on its licensed activities.

Dignity (DTY), up 6.96% to 2706p, said Q1 underlying operating profit jumped to £37.4m, up from £31.1m a year ago. Fusionex (FXI), up 5.13% to 143.5p, signed another million dollar, multi-year contract for its soon-to-be launched GIANT 2017 big data platform.

San Leon Energy (SLE), down 4.66% to 43.5p, said the second payment due to Avobone has not yet been made. The company was in discussions with Avobone regarding this payment, and would update the market in due course.

Redx Pharma (REDX), up 4.56% to 31.63p, said pre-clinical efficacy data in mouse-models for development candidate RXC005, a reversible BTK inhibitor, has been presented at the 17th International Workshop of Chronic Lymphocytic Leukemia (iwCLL).

Caledonia Mining (CMCL), down 2.02% to 97p, announced a fatality at the Blanket Mine in Zimbabwe in a mining-related accident on 12 May 2017. Fever-Tree (FEVR), up 1.26% to 1725.5p, said its board anticipated the company's FY results would be comfortably ahead of current market expectations.

Haydale (HAYD), up 1.26% to 201.5p, has completed the acquisition of the minority equity interest not previously owned in US subsidiary Haydale Technologies (HTI) from InVentures for $513,500.

Lonmin (LMI), up 1.01% to 113.38p, said total tonnes mined in the half year was down 7.6% (387,000 tonnes) on comparative period due to planned removal of high cost Generation 1 production (down 258,000 tonnes).

Other stocks in the news include Diploma (DPLM), Helical (HLCL), Staffline (STAF), Solid State (SOLI), Midwich Group (MIDW), Victrex (VCT), 21st Century Technology (C21), NEX (NXG), Epiris (ELTA), Depa (DEPS) and Avesoro Resources (ASO).

Story provided by StockMarketWire.com

Related Company: TUI

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