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FTSE flies higher as GKN and BAE rally

18 September 2017 17:00

An uplift in industrial stocks GKN (GKN) and BAE Systems (BA.) came as the FTSE 100 enjoyed positive momentum.

Broker Exane BNP Paribas upgraded its recommendation on GKN, pushing the company 3.1% higher to 349.4p.

It was also a good day for BAE Systems following Qatar's letter of intent to buy 24 Typhoon jets from the company. Shares in the defence business flew 2.9% higher to 613.4p.

Overall the FTSE was trading 0.5% higher at 7,253.

Brent crude oil dropped 1% to $55 per barrel. Gold slumped 1% to $1,306 per ounce and copper gained 0.6% to $6,503 per tonne.

FTSE 100 RISERS AND FALLERS

Rentokil (RTO) was stable at 296.3p despite non-executive director Chris Geoghegan stepping down. He resigned on reports that he introduced Bell Pottinger to South Africa's Gupta family, which led to a scandal that bankrupted the UK public relations company.

FTSE 250 RISERS AND FALLERS

Shares in Petra Diamonds (PDL) fell 5% to 79.7p after cancelling its full year dividend. The miner also warned it would breach banking debt covenants if it didn't start sales from its Williamson diamond mine in Tanzania by the end of 2017. A consignment of diamonds from the mine were blocked from export by the Tanzanian authorities earlier this month.

Insurer eEsure (ESUR) accelerated 5.8% to 277.8p on media reports that founder Peter Wood was considering selling his controlling 30.7% stake.

Dairy foods firm Dairy Crest (DCG) advanced 1.4% to 618p as cheese sales and volumes rose in the six months to September 2017. The company also benefitted from its Cathedral Cheddar brand, which is expected to experience double-digit volume growth.

Insurance group Hiscox (HSX) dipped 2.6% to £12.18 on a $150m estimated impact from Hurricane Harvey, although it said 'reinsurance protection for the group remain substantially intact.'

SMALL CAP RISERS AND FALLERS

Impax Asset Management (IPX) was among the small cap winners after agreeing to acquire Pax World Management for $52.5m. The news sparked a share price rally of 16.9% to 127p.

Investors were excited by energy storage tech firm redT energy's (RED) partnership contracts, which included deals with distributors in Central and Eastern Europe, as well as South East Asia. Shares in the company catapulted 27.5% to 9.7p.

Shares in support services group Interserve (IRV) surged 10.1% to 89.7p following the appointment of Mark Whiteling as chief financial officer.

Slower sales growth at teleradiology company Medica (MGP) disappointed the market, causing the stock to drop 9.2% to 198p.

Oil explorer Jersey Oil & Gas (JOG) soared 26.9% to 84.4p on news that there may still be hydrocarbon potential at its Verbier well, which will be targeted by a follow up side-track exploration well. The company suffered a share price drop earlier this month on disappointing results from the well.

Story provided by StockMarketWire.com

Related Company: GKN

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