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Market Wrap - Market Open

FTSE falters on miners ahead of construction PMI

04 July 2017 08:50

London shares are down in early deals with several general miners, financials and pharmas weighing on progress.

Not too long after the open, the FTSE 100 was down 32.47 points, or 0.44%, to 7344.62, while the FTSDE 250 was down 54.63, or, 0.28%, to 19,265.8.

Sterling was up a little on the dollar, but overall sideways ahead of UK's cautiously anticipated construction purchasing managers' index, out mid-morning.

Gold was up, but silver and copper were slipping. Crude prices were a little lower.

Ashtead (AHT) led with a 1.52% slide to 1560p. It was followed by miner Antofagasta (ANTO), down 1.12% to 814.75p, and Anglo American (AAL), down 0.96% to 1054.75p.

Pharmas were guided south by Smith & Nephew (SN.), down 1.01% to 1318.5p. Financials followed HSBC (HSBA), down 0.88% to 723.35p, and Standard Chartered (STAN), down 0.69% to 780.6p.

Overall, blue-chip fallers outnumbered winners 66 to 34. To the upside, Worldpay (WPG) rose 9.61% to 350.2p, and was chased by gold-specialist miners Randgold (RRS) and Fresnillo (FRES).

Several commercial and residential property stocks figures higher. As did a number of supermarkets, with Tesco (TSCO) adding 0.17% to 167.63p.

Sainsbury (SBRY), up 0.22% to 249.45p, has lifted its Q1 retail sales by 2.7%, excluding fuel, with like for like sales up 2.3% also excluding fuel. The company also boosted grocery dales by 3.0%, and enjoyed transaction growth of 1.9%.

Costain (COST), flat at 457.25p, said trading during the first half had again been strong and the group was on course to deliver results for the year in line with the board's expectations.


Magnolia Petroleum (MAGP) rose 43.75% to 0.12p as it entered an exclusive agreement with Western Energy Development LLC to invest, on behalf of WED, up to $18.5m into the Oklahoma oil and gas market. WED would be issued with 763.7m new shares in the company.

Quarto (QRT) fell 17.89% to 195p on stating its interim results would reflect the ongoing soft retail environment in its domestic markets, resulting in a lower-than expected trading performance year-to-date and a more pronounced H2 weighting.

MySQUAR (MYSQ), down 12.45% to 5.63p, said the business has reached a very significant milestone of achieving run rate operating breakeven. 600 Group (SIXH), up 11.93% to 15.25p, has boosted its FY pretax profit to £3.23m, up from £1.01m, with revenues at £47.03m, up from £45.27m.


XLMedia (XLM), up 6.43% to 136.5p, said it is trading ahead of management's expectations for the six months to end-June.

N4 Pharma (N4P),up 4.76% to 8.25p, has announced the filing of its Patent Cooperation Treaty (PCT) patent application for the reformulation of Valsartan.

Imagination Technologies Group (IMG), up 4.53% to 150p, said its FY adjusted operating profit for continuing operations rose by about three times to £29.2m, from £10.5m.

TechFinancials Inc (TECH), down 3.45% to 7p, said in its H1 results it expects an EBITDA loss of no greater than $0.4m and that it is well positioned to meet headwinds facing the business.

Marshall Motor Holdings (MMH), up 3.65% to 142p, said, given the strong performance during H1, its current FY outlook was now ahead of its previous expectations. It had delivered a strong performance during H1, particularly in Q1.

Johnson Service Group (JSG), up 2.71% to 132.5p, expects full year results to be slightly ahead of management forecasts after it continued to trade very well in the first half.

Other stocks in the news included Solid State (SOLI), Premier Technical Services (PTSG), HSS Hire (HSS), Datatec (DTC), Advanced Medical Solutions (AMS), Katoro Gold (KAT), Hunting (HTG), Petards (PEG), Wizz Air (WIZZ), ANGLE (AGL), Tern (TERN), HML (HMLH), Staffline (STAF) and LXi REIT (LXI).

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Related Company: SBRY

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