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FTSE climbs higher thanks to BP and Shell

19 September 2017 16:59

Renewed sterling strength failed to hold the FTSE 100 back thanks to gains in two of the biggest stocks in terms of market cap, BP (BP.) and Royal Dutch Shell (RDSB).

BP and Shell advanced 1.2% and 1.1% to 456.1p and £21.78. High street bank HSBC (HSBA) was another noticeably riser as it ticked 1% higher to 726p.

The FTSE 100 closed 0.3% higher to 7,275.

Brent crude oil slipped 0.3% to $55.30 per barrel. Gold and copper were subdued at $1,305 per ounce and $6,503 per tonne.

OVERSEAS MARKETS

Wall Street was mixed on Tuesday at the start of the Federal Reserve's two day meeting.

Investors will be keen to find out more details about potential interest rate hikes when the Fed reports on the meeting on Wednesday.

They also dismissed US President Donald Trump's vow to 'totally destroy North Korea' if it threatens the US as rhetoric, rather than a signal to potential action.

The Nasdaq was up 0.1% to 6,462 but the S&P 500 was flat.

FTSE 100 RISERS AND FALLERS

Reckitt Benckiser (RB.) announced chairman Adrian Bellamy will leave the consumer goods giant in 2018 and will be replaced by former Mattel boss Christopher Sinclair. Shares in the firm were down 0.6% on the news.

GlaxoSmithKline (GSK) said the US Food and Drug Administration approved an inhaler called Trelegy Ellipta for the long-term treatment of patients with chronic obstructive pulmonary disease. The approval failed to move the share price at £14.49.

FTSE 250 RISERS AND FALLERS

Rising costs and a lower average basket size took the shine off online supermarket Ocado (OCDO). Investors overlooked 13.1% revenue growth in the 13 weeks to 27 August, prompting the stock to drop 1.9% to 296.1p.

Miner Petra Diamonds (PDL) continued to struggle on the stock market after experiencing labour disruption at its Finsch mine and Kimberly Ekapa Mining joint venture operations. Shares in Petra slumped a further 6.6% to 73.9p following the cancelled dividend and debt warning on Monday.

SMALL CAP RISERS AND FALLERS

Equipment rental provider Speedy Hire (SDY) accelerated 1.8% to 52.1p thanks to revenue growth of 7.5% in its latest trading update.

Fashion retailer French Connection (FCCN) was resilient at 44.1p despite a 4.1% decline in sales at constant currency in the six months to 31 July.

The appointment of Harry Rein as Allied Mind's (ALM) independent non-executive director sparked a 7.2% share price rally to 154.5p.

Elsewhere, Domino's Pizza franchisee DP Eurasia (DPEU) was flat at 186.2p despite group system sales climbing 29% in the first half of the year.

Filtration specialist Porvair (PRV) continued to make good progress and hit 8% sales growth in the nine months to 31 August 2017, triggering a 9.8% rise to 489.7p.

On AIM, video game service provider Keywords Studio (KWS) fell 4.6% on profit taking following strong results. Adjusted pre-tax profit jumped 60% to €9.6m in the first half of 2017.

Story provided by StockMarketWire.com

Related Company: RB.

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