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Market Wrap - Midday

London, Europe shares shares falling to midday

30 May 2017 11:56

London shares continued south to midday with blue chips and mid caps suffering alongside their peers in Europe.

To noon, the FTSE 100 was down 32.02 points, or 0.42%, to 7515.61, while the FTSE 250 was down 51.24, or 0.26%, to 19,973.7.

Gold, silver and copper were all lower, as were crude prices. Sterling was up on the dollar and euro.

Shares in British Airways-owner International Consolidated Airlines (IAG) were down as the fallout from its weekend of computer-system disruption.

Gold sensitive miners Fresnillo (FRES) and Randgold (RRS) both eased, as did their multi-commodity peers led by Antofagasta (ANTO).

Anglo American (AAL) has completed the sale of its 83.33% interest in the Dartbrook coal mine in the Hunter Valley, Australia, to Australian Pacific Coal Ltd.

Tobacco stocks Imperial Brands (IMB) and British American Tobacco (BATS) fell. Also tapering were several pharmaceuticals, along with house builders, banks, supermarkets and several insurers.

To the limited upside, several commercial property shares did mildly well after British Land (BLND).

Intu (INTU) properties and TH Real Estate have agreed to form a joint venture to own Madrid Xanadu shopping centre in Spain.

BIGGER MOVERS

Fusionex International (FXI) fell 63.95% to 46.5p as it accepted Peel Hunt LLP's resignation as joint broker, and non-executive chairman John Croft gave notice to resign.

EU Supply (EUSP), up 18.18% to 16.25p, said revenues in the first four months of this year have grown at more than 25% compared with the corresponding period in 2016.

Coal of Africa (CZA) rose 12.67% to 3.38p as it said the suspension of the Integrated Water Use Licence for the Makhado Project had been lifted by the South African Minister of the Department of Water and Sanitation.

LONDON HIGHLIGHTS

Gulfsands (GPX) fell 10% to 4.5p as it posted a narrower pretax loss for the FY of $19.8m, from $69.2m. It remained focused on controlling costs going forward and would look to reduce these further over the coming year.

SDX Energy (SDX), up 5.07% to 59.63p, has confirmed the overall success of its SD-1X well campaign, following the recent natural gas discovery at South Disouq, Egypt where the Company has a 55% operated working interest.

Savannah Resources (SAV), up 6% to 6.63p, has announced completion of the Mutamba Scoping Study, which concluded there was potential for a financially robust, long-life mineral sands project that was anticipated to provide excellent life of mine financial returns with relatively modest capital requirements.

Starcom (STAR), down 5.56% to 2.13p, said its FY 2017 results were still expected to show an improvement over 2016 due to the encouraging sales pipeline and new initiatives it was pursuing.

Trakm8 (TRAK), up 4.44% to 117.5p, has been awarded an initial telematics contract by Mecalac Construction Equipment UK Ltd (previously Terex GB), the global equipment solutions provider.

Other stocks in the news included Science in Sport (SIS), Xtract Resources (XTR), The Stanley Gibbons Group (SGI), Sula Iron & Gold (SULA), Stride Gaming (STR), Fastjet (FJET), Volution (FAN), Alexander Mining (AXM), AFI Development (AFRB), Crimson Tide (TIDE), Silence Therapeutics (SLN), GAN (GAN), Magnolia Petroleum (MAGP), Helios Underwriting (HUW), Applegreen (APGN) and CLS Holdings (CLI). Story provided by StockMarketWire.com

Related Company: INTU

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