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Market Wrap - Market Open

FTSE jogs higher on mixed bag ;resources prices fall

02 June 2017 08:53

The FTSE 100 is jogging higher in early deals thanks to gains across a palette of sectors, although the resources sector was under pressure.

The early rise came after the US last night flagged it was withdrawing from the 2015 Paris climate agreement.

Not long after the open, the FTSE 100 was up 50.37 points, or 0.67%, to 7594.14, but it remains to be seen whether it will retain sufficient form to book a record close.

The FTSE 250 added 50.11, or 0.25%, to 20,060.7. The market is looking to UK's construction PMI mid-morning, and US jobs data and trade balance this afternoon. Sterling was weaker on the dollar and euro.

Key stocks indices in Europe were up, too, following on from Wall St's gains overnight. However, crude and metals prices were firmly down.

Ashtead (AHT) led the FTSE 100 up with a 2.16% rise to 1629.5p, and was followed by easyJet (EZJ), up 1.87% to 1416p, and International Consolidated Airlines (IAG), up 1.54% to 5112.5p.

Financials did well. Royal Bank of Scotland (RBS) firmed 1.37% to 262.45p, while St James's Place (STJ) added 1.26% to 1201p, and Prudential (PRU) gained 1.22% to 1779p. More followed.

Old Mutual Wealth, the UK wealth management business of Old Mutual (OML), has completed the acquisition of financial adviser network Caerus Capital Group. OML rose 1.26% to 193.1p.

Tobacco, consumer goods, pharmas and utilities all gained to varying extents.

In keeping with the falls in resources prices, multiple miners and oilies were down. BP (BP.) fell 0.34% to 468.38p, and Antofagasta (ANTO) shed 1.04% to 809p. Several more in these sectors were also retreating.

BIGGER MOVERS

Adams (ADA) fell 27.27% to 0.08p as it proposed raising £1.03m pursuant to an open offer, and providing it additional resources with which to fund its investment strategy. The open offer of up to 41.3m shares at 2.5p each was fully underwritten.

WYG (WYG), up 14.36% to 111.5p, has recently been awarded two major new framework contracts with UK government agencies, and a significant new contract in Africa. The contracts were estimated to be worth about £50m to WYG over the next three years.

Motif Bio (MTFB), down 11.5% to 33.63p, intends to raise about £19.4m via a conditional placing with new and existing investors to fund the further development of iclaprim, its novel antibiotic candidate.

LONDON HIGHLIGHTS

Ormonde Mining (ORM), up 9.43% to 1.45p, has provided an update of construction activities for the Barruecopardo Project in Salamanca, Spain.

Vipera (VIP), up 8.33% to 6.5p, has announced a multi-year agreement with Bankart d.o.o., a payment processor, providing ATM, POS, card and SEPA processing services to 26 banks and other financial institutions in five countries in southeastern Europe.

Greka Drilling (GDL), up 7.56% to 3.13p, has secured a US$2.5m loan from GRECAP Limited, which is controlled by Randeep S. Grewal, a director of the company.

AFH Financial Group (AFHP), up 5.13% to 205p, has acquired Eunisure, a face-to-face adviser led financial planning business focused on the protection market based Suffolk, for a maximum of £4.5m.

Plus500 (PLUS), up 3.32% to 536.25p, said its current trading has continued the positive trends outlined in the Q1 trading update issued on 26 April 2017, adding it awaits the outcome of the FCA consultation which could affect H2.

Cohort (CHRT), up 3.23% to 431p, said subsidiary MCL (Marlborough Communications Ltd) has won two contracts worth a total of £5.5m by the Ministry of Defence to supply and support hearing protection systems and communication ancillaries for land, maritime and air applications.

Other stocks in the news included Draper Esprit (GROW), Metro Bank (MTRO), Alpha Pyrenees Trust (ALPH), Atalaya Mining (ATYM), Altitude Group (ALT), Tissue Regenix (TRX), Gfinity (GFIN), President Energy (PPC), Inmarsat (ISAT) and Acacia Mining (ACA).

Story provided by StockMarketWire.com

Related Company: ADA

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