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Miners rally on stronger commodity prices

19 May 2017 16:59

Miners and utilities kept the FTSE in positive territory on a quiet day for corporate news.

Anglo American (AAL) and Rio Tinto (RIO) sparked over 2% thanks to rising copper, silver and platinum prices as the dollar weakened.

Brent crude oil advanced 2% to $53.58 per barrel.

Gold was flat at $1,251 per ounce, while copper climbed 1.7% to $1,5665 per tonne.


In the US, S&P 500 opened 0.6% as the stock markets recovered after a tumultuous week.

According to Bank of America Merrill Lynch, investors ditched nearly $9bn of US equities in the past week over fears of US President Trump being impeached.


Generic pharmaceuticals firm Hikma (HIK) led the blue-chips lower as it lowered its revenue guidance due to a delay in the approval in its version of GlaxoSmithKline's (GSK) Advair Diskus. Group revenue guidance was $2bn to $2.1bn, which triggered a 3.8% drop to £16.34.


Nightclub chain Revolution Bars (RBG) collapsed 37.7% to 127p as it warned cost headwinds would be higher than expected in the current year.

Men's clothing specialist Moss Bros (MOSB) was not in demand as it revealed a dip in like-for-like hire sales in the 15 weeks to 13 May. Its gross margins were also under pressure thanks to competitive discounting, causing the stock to fall over 1%.

Magazine publisher Future (FUTR) was a page turner for investors as it jumped from a loss of £0.3m to a first-half pre-tax profit of £0.9m. The stock rose 17.9% to 212p.

The market was impatient with Solo Oil (SOLO) as it reviewed options to monetise a portion of the Ruvuma PSC development of the Ntorya gas condensate discovery to fund future participation in the licence. Shares in the oil and gas investment company fell 10.5%.

PipeHawk (PIP) received a further rejection of its resubmitted application for funding to assist with the marketing and distribution of its eSafe product. The company said it would re-submit applications for future funding rounds until it was apparent that it had little chance of getting the money. Investors were unimpressed and marked the stock 13% lower to 4.5p.

Nyota (NYO) soared 30.7% on the news that it formally requested to be removed from Australia's stock market ASX.

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