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FTSE 100 steady after Trump trade pledge tweet

25 July 2017 16:35

The FTSE 100 closed 0.8% higher at 7439.65 as a tweet from President Donald Trump promised a big post-Brexit trade deal for the UK.

Mining firm Anglo American (AAL) rallied as it said Kumba Iron Ore, in which it holds a majority stake, reported headline earnings of ZAR4.6bn (£272.58m) for the six months to the end of June.

Fellow miner Rio Tinto (RIO) was also heading higher, up 4.6% at £34.78 despite news the Serious Fraud Office has launched a corruption probe into the company's activities in Guinea.

OVERSEAS MARKETS

The S&P 500 opened on the front foot after strong corporate earnings from fast food chain McDonald's and industrial business Caterpillar.

In Asia markets were mixed overnight with Japan's Nikkei 225 reversing early gains to close lower but stocks in Hong Kong trading slightly higher.

FTSE 100 RISERS AND FALLERS

Informa (INF) gained 3.2% to 697.5p on news it generated continued growth in revenue, profit and earnings in its seasonally stronger first half of the year. The group has continued to make steady operational and financial progress in the fourth year of its acceleration programme while also effectively integrating US-based Penton Information Services ahead of schedule.

New FTSE 100 constituent, warehouse investor SEGRO (SGRO) gained 2.5% to 520p as it announced a 5.4% increase in net asset value and 5% increase in its dividend for the first half.

Standard Life (SL.) rose 2.5% and Aberdeen Asset Management was up 2.7% as the UK regulator approved the merger between the two companies.

FTSE 250 RISERS AND FALLERS

Luxury shoe retailer Jimmy Choo (CHOO) jumped 16.9% to 228p after agreeing an £896m all cash takeover by US retailer Michael Kors. The takeover is pitched at 230p per share, a 36.5% premium to the share price before Jimmy Choo put itself up for sale in April.

Takeaway business Domino's Pizza's (DOM) fell 6% to 262.5p despite an increase in first half revenues and underlying pre-tax profits. The group continues to take market share but it is also aware that UK consumers are more cautious about the economic outlook.

High performance thermoplastic PEEK provider Victrex (VCT) perked up 4.4% to £19.87 on a positive third quarter trading update and confident outlook statement.

SMALL CAP RISERS AND FALLERS

Premium carbonated mixers marvel Fevertree Drinks (FEVR) gained 18.2% to £19.04 as strong first half results stoked another round of earnings upgrades.

CEO Tim Warrillow says the posh tonic water-to-ginger beer supplier 'achieved growth in all our regions' in the half and given this continued strong performance, expects full year profits will come in 'materially ahead' of expectations.

Floor coverings maker Victoria (VCP:AIM) weaved 5.7% higher to 508.5p as forecast-busting full year results, driven by a combination of strong organic growth and earnings enhancing acquisitions, triggered earnings upgrades.

LED lighting specialist Luceco (LUCE) fell 3.2% to 225.25p despite a positive first half trading update flagging market share gains in the UK and a strong performance in the Americas and continental Europe.

Fantasy miniatures maker Games Workshop (GAW) marches 10.3% higher to £14.70 on the news profits for 2017/18 are likely to beat current market expectations given the strong momentum in the business.

Related Company: AAL

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