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Market Wrap - Market Open

FTSE tiptoes lower as GBP rises, resources stocks dip

06 June 2017 08:41

Shares in London are tiptoeing lower in early deals as sterling makes minor gains on the dollar and euro ahead of the UK general election on Thursday, with ballast also provided by blue-chip resources stocks.

Soon after the market opened, the FTSE 100 was down 3.46 points, or 0.05%, to 7522.3, while the FTSE 250 was down 47.21, or 0.24%, to 19,821.5.

Europe was down. Gold and silver prices were edging ahead, but copper and three-month industrial metals were markedly lower. Crude was mildly ahed.

Miners were salient among the list of fallers, with Glencore (GLEN) down 1.43% to 279.35p, while Antofagasta (ANTO) shed 1.38% to 765.75p. More followed.

Oilies also fell. BP (BP.) dropped 0.63% to 461.13p, while Shell (RDSA) eased 0.39% to 2081.25p.

Retailers tended south after Burberry (BRBY), off 2.27% to 1769p, and Kingfisher (KGF), lower 0.8% to 324p. A number of utilities and banks also tapered.

To the upside, gold specialists Randgold (RRS), up 1.37% to 7602.5p, and Fresnillo (FRE), up 0.8% to 1635p, did well.

House builders rose after Taylor Wimpey (TW.), up 0.6% to 184.6p, while commercial property tended to firm after British Land (BLND), ahead 0.36% to 629.25p.

easyJet (EZJ), up 1.08% to 1358.5p, carried 7,512,545 passengers in May - 9.5% up on a year go. The load factor was unchanged at 91.5%. On a rolling 12-month basis, the airline carried 77,332,031 passengers - up 8.2% - at a load factor of 91.9% -up from 91.4%.


Oilex (OEX) fell 31.48% to 0.19p as it provided a Cambay PSC project update, including details of the workover on older wells C-70 and C-23z. No hydrocarbons were found in the latter, and in the former the well was returning small volums of both oil and gas.

MySquar (MYSQ), up 21.23% to 4.43p, said its month-on-month revenue has been steadily increasing, and that it continued to make significant progress in achieving its monetisation targets.

Gusbourne (GUS) fell 15.52% to 49p when it announced an underwritten open offer to raise about £4.2m at 40p a share. It said current trading was in line with management expectations and development plans remained on course. Its FY pretax loss was £1.5m, from a loss of £1.4m.


Rose Petroleum (ROSE), down 15.38% to 0.11p, has posted a narrower FY pretax loss of $1.3m for the year to Dec. 31, 2016, from a loss of $9.9m previously. Forbidden Technologies (FBT) fell 10% to 5.62p as it reported a larger pipeline at start-2017 than in early 2016, but said it was experiencing a slower conversion rate than expected.

Carclo (CAR), up 8.59% to 153.38p, said its revenue rose 16.2% to £138.3m in the year to the end of March and operating profit more than doubled to £12.0m from £5.2m. Premier African Minerals (PREM), up 9.52% to 0.58p, said it is extremely pleased with the initial maiden resource estimate for the Zulu Lithium and Tantalum project in Zimbabwe.

Ascent Resources (AST), up 8.57% to 1.9p, confirmed work on its Petisovci project in Slovenia remained on schedule. Flybe (FLYB), up 4.06% to 35.38p, has signed heads of terms with Eastern Airways (UK) to establish a new alliance.

AO World (AO.), down 5.76% to 136.65p, said its total FY revenue rose 17.0% to £701.2m, with both the UK and Europe businesses growing sales. Group adjusted EBITDA losses fell 46.2% to £2.1m, from losses of £3.9m.

Stratex International (STI), up 3.39% to 1.53p, noted initial drilling results from Thani Stratex Resources for the Pandora epithermal gold project in Djibouti were exciting and confirmed its confidence in the prospectivity of this project.

DP Poland (DPP), up 3.81% to 44.25p, has raised £5.24m after completing the placing of 12.2m new shares at 43p each. It intended to use the net proceeds to maintain the roll-out of new stores.

Other stocks in the news included Oxford Metrics (OMG), Aggreko (AGK), FreeAgent (FREE), Cpl Resources (CPS), Vianet (VNET), WYG (WYG), Shawbrook (SHAW), GB Group (GBG), Gooch & Housego (GHH), Palace Capital (PCA), Custodian REIT (CREI), Civitas Social Housing (CSH), John Laing Environmental Assets (JLEN) and Ortac Resources (OTC).

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