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Market Wrap - Market Open

Royal Mail performs better than expected as miners fall

18 July 2017 09:20

UK parcels service Royal Mail (RMG) said it performed better than expected in its letters division despite continued business uncertainty. Shares in the firm accelerated 2.9% to 410.4p.

Elsewhere in the FTSE 100, the performance was not as rosy. The mining sector was struggling again this morning as subdued commodity prices and a weak update from Rio Tinto (RIO) led the sector lower.

BHP Billiton (BLT) and Anglo American (AAL) were the worst hit, down 1.6% and 1.2% to £13.01 and £11.16, respectively.

The FTSE ticked 0.5% lower to 7,369.

Brent crude oil nudged 0.2% lower to $48.30 per barrel. Copper was flat at $5,996 per tonne and gold was flat at $1,236 per ounce.

FTSE 100 RISERS AND FALLERS

Carillion (CLLN) continued to bounce back from last week's profit warning after announcing its joint venture won the HESTIA North and Scotland and Northern Ireland soft facilities contracts. The contracts are worth £158m, helping Carillion's share price spark 10% to 73.6p.

Accelerated rail track maintenance hit Rio Tinto's pilbara iron shipments, which fell 6% compared to the second quarter of 2016 to 77.7 million tonnes. The stock fell 1.7% to £34.12 on the news.

Real estate firm British Land (BLND) said it intends to allocate £300m of capital for a share buyback, alongside a strong trading update.

FTSE 250 RISERS AND FALLERS

Investors were pleased with a 2.9% hike in the dividend from online trader IG (IGG) following a set of decent numbers. Shares in the company were marked 7% higher to 594p.

SMALL CAP RISERS AND FALLERS

Inspirit Energy (INSP) was the biggest small cap riser after the firm announced it exceeded a key development target, which boosted the share price by 4.7% to 0.1p.

Safestyle (SFE) warned the market of modest revenue growth again in the second half of 2017 and a potential drag on full year profits expectations. Investors were concerned as the stock slumped 10.7% to 229.5p.

A more upbeat outlook from cyber security expert NCC (NCC) triggered a 3.7% rally to 176p.

Story provided by StockMarketWire.com

Related Company: RMG

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