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FTSE rises on rallying miners

10 July 2017 16:40

After a difficult morning following flat consumer price index data from China, miners rebounded and helped the FTSE 100 gain positive momentum.

Anglo American (AAL) led the sector higher, rising 1.7% to £10.69. BHP Billiton (BLT) and Randgold Resources (RRS) ticked 1.6% and 1.5% up to £12.62 and £67.65, respectively.

Banking giant HSBC (HSBA) advanced 1.6% to 740.1p, helping the FTSE 100 close 0.3% up at 7,372.

Brent crude oil gained 1.4% to $47.35 per barrel. Gold advanced 0.3% to $1,212 and copper was flat at $5,820 per tonne.

FTSE 100 RISERS AND FALLERS

Among the blue-chips, shares in rare diseases specialist Shire (SHP) retreated 3% to £41.91. The company got a preliminary injunction against pharma firm Roche over its rival haemophilia drug emicizumab.

Shire said it wants to ensure the 'haemophilia community' is sufficiently informed 'about the reported serious adverse events (SAEs) in the Phase 3 emicizumab trial'.

FTSE 250 RISERS AND FALLERS

Mid-cap construction services group Carillion (CLLN) was in the spotlight as CEO Richard Howson stood down after warning on profit and suspending the dividend in the face of difficult markets. The stock plummeted 37.7% to 119.6p.

OVERSEAS MARKETS

In the US, a 1.3% rise in online retailer Amazon failed to rally the Nasdaq index, which was flat today at 6,156.

FTSE 250 RISERS AND FALLERS

The boardroom re-shuffle at broadband provider TalkTalk (TALK) continued with Dixons Carphone (DC.) Investor Relations Director Katy Ferry due to replace chief financial officer Iain Torrens. Shares in TalkTalk were down 0.7% to 183.4p on the news.

SMALL CAP RISERS AND FALLERS

The decision by 88 Energy (88E) to shut the Icewine#2 well for six weeks to allow for pressure build-up was badly received as the stock plummeted 40% to 1.7p.

Remaining in the sector, UK Oil & Gas Investments (UKOG) agreed to acquire a 1.9% stake in Horse Hill Developments Ltd (HHDL) from Regency Mines. This boosted its stake to 32.4% in the Weald Basin licences PEDL137 and PEDL246, pushing the stock 20.2% higher to 3.4p.

Story provided by StockMarketWire.com

Related Company: SHP

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