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Market Wrap - Midday

FTSE struggles to gain momentum following volatility in Washington

21 August 2017 11:55

Investors in the UK were wary of reading too much into the firing of US President Donald Trump's adviser Steve Bannon after initial jubilation on Friday.

The market was optimistic that a more traditional adviser might be appointed but that optimism is beginning to wane amid signs geo-political tensions might be ratcheting up again.

A rally in the mining sector failed to lift the FTSE 100, which was flat at 7,325.

Brent crude oil ticked 0.2% to $52.62 per barrel. Gold advanced 0.1% to $1,287 per ounce and copper rallied 0.8% to $6,525 per tonne.

Elsewhere Warehouse REIT announces its intention to float on AIM after raising up to £150m. The company said it will invest in a diversified portfolio of UK warehouse assets located in urban areas and is targeting a dividend yield of 5.5p in the year to 31 March 2019.

FTSE 250 RISERS AND FALLERS

Energy services business Wood Group (WG.) won a five-year, multimillion dollar contract from Phillips 66. Wood Group said it would provide supplemental maintenance services and support for capital construction projects and turnarounds to the Sweeny Refinery, but this failed to spark the share price at 574p.

Rathbone Brothers (RAT) was up 1.2% to £28.11 following confirmation that it is currently in exclusive discussions with Smith & Williamson Group about a possible merger.

SMALL CAP RISERS AND FALLERS

Newspaper publisher Daily Mail & General Trust (DMGT) nudged 0.4% lower to 623p on media reports that is considering selling its free Metro paper.

Banknote authentication tech provider Spectra Systems (SPSY) was one of the winners among the small caps, soaring 21% higher to 93p. The company reported strong trading and expects to significantly exceed market expectations in the year to 31 December 2017.

Creo Medical (CREO) rose 0.8% to 85.1p thanks to 510k clearance from the US Food and Drug Administration for its Speedboat RS2 device and the CROMA platform.

Gfinity (GFIN) was appointed as an e-sports partner for Formula 1 to deliver the Formula 1 E-Sports series in September, helping the stock gain 6.9% to 22.4p.

In the mining sector, Sula Iron & Gold (SULA) shed 5% to 0.1p following a £0.9m shares placing to keep exploration going in Sierra Leone through next year.

Story provided by StockMarketWire.com

Related Company: WG.

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