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Market Wrap - Close

FTSE falls as mining sector struggles

06 July 2017 16:51

It was a bad day for the mining sector as Glencore (GLEN) and Fresnillo (FRES) led the pack lower.

Glencore fell 2.5% to 299.6p and Fresnillo (FRES) declined 2.4% to £14.36. Other blue-chip fallers included Antofagasta (ANTO), down 1.3% to 815p and Randgold Resources (RRS), down 1.4% to £67.35.

The FTSE closed 0.2% lower at 7,352.

Brent crude oil jumped 2.3% to $48.90 per barrel. Gold glittered at $1,244 per ounce and copper was flat at $5,842 per tonne.


In corporate news, Nurofen seller Reckitt Benckiser (RB.) fell 1.5% to £75.83 after June's global cyber-attack proved to be a major headache for the company. It downgraded growth forecasts as the attack disrupted the manufacture and distribution of its products.

A stronger than expected performance at Primark bode well for its owner Associated British Foods (ABF) as it marginally improved the overall outlook for the group. Its shares advanced by 2.6% to £29.97.

Smurfit Kappa (SKG) was down 2% to £23.52 after Goldman Sachs downgraded the stock from 'buy' to 'neutral'.

Low cost airline EasyJet (EZJ) flew 0.8% lower to £13.47 despite carrying 11.3% more passengers in June compared to the same month last year. In terms of headline market performance, the FTSE 100 was unmoved at 7,365.


The latest US private sector jobs data hit sentiment on Wall Street today as the S&P 500 fell 0.5% to 2,418. Investors were concerned that interest rate rises would be more gradual in response to the data.


Bovis Homes (BVS) continued to enjoy positive momentum in the housebuilding sector following yesterday's sector rally. The company said trading in the first half of 2017 was in line and set aside an additional £3.5m to fix issues with several of its previously built homes. Shares in the firm were up 0.3% to 966p.

Online delivery service Just Eat (JE.) revealed former (MONY) boss Peter Plumb would become its new chief executive from September. Its shares nudged 1% up to 666p.


Lloyd's of London insurer Novae (NVA) received a takeover offer from Axis Capital Holdings, valuing the company at approximately £468.6m. The stock soared 22.2% to 710.5p.

Going in the opposite direction was Blancco Technology (BLTG) as cash flow and net cash fell below market expectations after the non-payment of £3.5m owed to the company by third parties. Shares in the firm slumped 22.6% to 116.5p.

Home improvement group Entu UK (ENTU) announced it was exploring option for new long-term financing to strengthen its balance sheet as part of its strategic review. Investors were concerned and marked the stock 26.2% lower to 11.2p.

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