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Market Wrap - Market Open

FTSE robust despite North Korean tensions

04 September 2017 09:05

The FTSE 100 was only off a handful of points at 7,425 despite the nuclear test in North Korea in Sunday.

Financials were weak as Standard Chartered (STAN) and Provident Financial (PFG) led the sector lower, down 0.7% and 0.4% respectively.

High street bank Barclays (BARC) was also down 0.4% at 190.4p.

Brent crude oil slipped 1.2% to $52.13 per barrel. Copper and gold fared better, up 0.8% each to $6,878 per tonne and $1,335 per ounce.

Acacia Mining (ACA) was one of the biggest fallers on the FTSE 350 after the miner decided to reduce operational activity and expenditure at Bulyanhulu to preserve the viability of the business over the longer term. The company said it was struggling after the Tanzanian government implemented a gold/copper concentrate export ban.

Shares in Acacia slumped 6.7% to 193.2p.

FTSE 250 RISERS AND FALLERS

Wizz Air (WIZZ) revealed encouraging figures after its passenger numbers jumped from 2,320,990 in August 2016 to 2,887,770 in August 2017. The load factor also increased from 93% to 95.4% over the same period, but this failed to spark the stock at £29.10.

SMALL CAP RISERS AND FALLERS

Sunrise Resources (SRES) rallied 20% to 0.1p after confirming commercial qualities for perlite and pozzolan from its trenching and drill programmes at the CS Pozzolan-Perlite project in Nevada, US.

Nearly a quarter of Blancco Technology's (BLTG) value was wiped off on a profit warning. The data security firm said adjusted operating profits would not be not less than £2.6m in the year to 30 June 2017 after it reversed £2.9m of sales from two contracts that were booked during the financial year.

On its AIM debut, Destiny Pharma (DEST) raised £13.5m. The company said the funds will help it complete the study for its drug product XF-73 which aims to tackle antibiotic resistance.

Story provided by StockMarketWire.com

Related Company: ACA

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