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Market Wrap - Midday

Miners push FTSE 100 higher as iron ore prices strengthen

07 August 2017 11:56

Miners had a strong start to the week helped by a 2.5% rally in iron ore prices, helping to push the FTSE 100 into positive territory at 7,521.

Anglo American (AAL) led the sector higher with a 2.5% rise to £13.02.

Glencore (GLEN), BHP Billiton (BLT) and Rio Tinto (RIO) advanced by up to 1.9%.

In other corporate news, Paddy Power Betfair (PPB) fell 4.5% to £74.70 after announcing WorldPay (WPG) chief executive Peter Jackson would replace current Breon Corcoran.

In the UK, house prices were 0.2% higher between May and July, compared to the previous three months according to Halifax's latest data.

Retail sales growth slowed in July from June, down from 1.1% to 0.9% according to the British Retail Consortium.

Brent crude oil dropped 1.4% to $51.68 per barrel. Gold retreated 0.2% to $1,255 per ounce and copper advanced 0.1% to $6,371 per tonne. OVERSEAS MARKETS

Asian equities were up overnight by an average of 0.5% thanks to stronger than expected jobs data from the US on Friday.


Among the mid-caps, Ultra Electronics (ULE) dipped 3.2% to £20.08 following a 6.7% fall in organic revenue in the first half of 2017 due to several delayed contracts.


Shares in 21st Century Technology (C21) rallied 45% to 4p after winning a three-year bus systems and services contract with Abellio.

Tech firm Telit Communications (TCM) over a third of its value after swinging to a loss before tax of $6.7m in the first half of the year from a profit of $4.7m a year earlier and effectively warning on full year earnings.

The market approved of Lonmin's (LMI) cost-cutting measures to ensure it remains a sustainable business as the shares rose 4.2% to 92.4p.

Engineer group Carr's (CARR) acquired NuVision Engineering's holding company ESI for an initial $11.5m and a total cash consideration of up to $20m, dependent on future performance. The stock ticked 2.5% higher to 146.5p.

Premier African Minerals (PREM) identified a new zone on its Zulu Lithium project in Zimbabwe that have the potential to exceed 'substantial resources and exploration target' of the main zone, prompting a 12% jump in the share price to 0.4p.

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