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FTSE rises as GBP dips ahead of UK services PMI

05 July 2017 08:55

The FTSE is rising in early deals with both the blue-chip and mid-cap indices making cautious headway in early deals as sterling fell on the dollar ahead of the anticipated UK services PMI for June.

Not long after the start of trade, the FTSE 100 was up 7.95 points, or 0.11%, to 7365.18, with the FTSE 250 up 19.12 points, or 0.1%, to 19,320.6.

At about 8.41am, sterling was down 0.12% to $1.2905. Traders are looking cautiously to UK's services purchasing-managers index out mid-morning, which will give a further indication of the country's economic health.

The price of gold was up, but those for silver and copper were down. Crude prices were mildly ahead.

Persimmon (PSN), up 3.58% to 2373p and leading blue-chip risers, said its trading performance in the first half of the year has been excellent.

It was followed by other house builders, among them Barratt (BDEV), up 1.81% to 576.75p, and Taylor Wimpey (TW.), up 1.76% to 178.9p.

Also rising were a number of utilities after Severn Trent (SVT), up 1.05% to 2171.5p. Supermarkets gained after Tesco (TSCO), up 1.66% to 169.88p.

Less than 20 stocks fell. Glaxosmithkline (GSK) lost 1.27% to 1607.75p. It was chased by gold miners Randgold (RRS), down 0.55% to 6812.5p, and Fresnillo (FRES), down 0.51% to 1475.5p.

BIGGER MOVERS

Nektan (NKTN) rose 28.57% to 22.5p after providing a pleasing Q4 business update and confirmed it had secured commitments to raise £2.5m via an unsecured loan facility. The company also said it had appointed a new interim COO.

City of London (CIN) rose 25% to 5p after its FY pretax losses narrowed to £1.2m, down from £6.8m in 2016 which included losses of £7.2m relating to Trade Finance Partners Limited and a profit of £1.4m arising on the sale of Therium.

IXICO (IXI), up 12.07% to 32.5p, has signed a new contract for specialist imaging clinical trial services.

LONDON HIGHLIGHTS

BlueRock Diamonds (BRD), up 8% to 3.38p, said production levels at its Kareevlei mine in Northern Cape region of South Africa have increased significantly and the group expects grades to improve as its begins to mine areas deeper within the pit.

Frenkel Topping (FEN), up 7.14% to 56.25p, said its pretax profits rose to £1.0m in the six months to the end of June - up from £0.3m last time. Revenue and other operating income increased to £3.9m, from £2.9m.

FairFX (FFX), up 6.72% to 63.5p, achieved its first interim net profit since IPO, which was ahead of management expectations. MJ Gleeson (GLE), up 6.63% to 667.5p, expects full-year results to exceed the top end of forecasts.

SIG Plc (SHI), up 5.83% to 154.4p, expected its H1 2017 performance to be lower than that achieved in H1 2016 and comparable with H2 2016. 1pm Plc (OPM), up 4.24% to 43p, said its trading results for the year will demonstrate further strong growth in both revenue and profits compared with the prior year.

Taptica (TAP), up 3.04% to 372.5p, expects to report H1 2017 revenue and adjusted EBITDA significantly ahead of the corresponding period in the prior year. Sound Energy (SOU), down 2.83% to 55.63p, reports the success of operations to date at the Koba-1 well at Sidi Moktar, onshore Morocco.

SolGold (SOLG), up 3.36% to 38.5p, has provide an update on the drilling progress of current Holes 23R-D1R, 24-D1R, 26, and 27 at Cascabel, the company's copper-gold porphyry project in Ecuador.

Other stocks in the news included SimiGon (SIM), SDX Energy (SDX), Booker (BOK), Great Eastern Energy Corp (GEEC), Hargreaves Services (HSP), Biffa (BIFF), Gresham Tech (GHT), Mattioli Woods (MTW), Falanx (FLX), Sula Iron & Gold (SULA), McCarthy & Stone (MCS), President Energy (PPC) and EU Supply (EUSP).

Story provided by StockMarketWire.com

Related Company: PSN

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