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Market Wrap - Midday

FTSE rallies on strong miners and BP

07 August 2017 16:48

A rally in the mining sector and a jump in the share price of BP (BP.) boosted the FTSE 100 on a quiet day for corporate news.

Stronger copper prices supported the strong performance, helping Anglo American (AAL) advance 2.3% to £12.99.

Rio Tinto (RIO) was up 1.3% to £36.07 and Glencore (GLEN) increased 2% to 344.7p.

Shares in BP (BP.) increased 1% to 468.4p, supporting the FTSE 100's 0.3% rise to 7,531.

Brent crude oil fell 1.7% to $51.53 per barrel as major oil producers started a two-day meeting to discuss how to increase compliance with a previously agreed production freeze.

Copper gained 1% to $6,415 per tonne, but copper was flat at $1,258 per ounce.


On Wall Street, financial stocks received a welcome boost from Friday's better than anticipated jobs data. The strong performance in the finance sector continued to push the Dow Jones into record-breaking territory at 22,097 on Monday.


Paddy Power Betfair (PPB) fell 4.4% to £74.75 after announcing WorldPay (WPG) chief executive Peter Jackson would replace current Breon Corcoran.


Among the mid-caps, Ultra Electronics (ULE) was down 3.9% to £19.93 on 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 22.5% after winning a three-year bus systems and services contract with Abellio.

Tech firm Telit Communications (TCM) lost nearly 40% 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 5.6% to 93.7p.

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 22.6% jump in the share price to 0.5p.

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