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Banks bolster FTSE 100

27 September 2017 16:56

High street banks continued to propel the FTSE 100 higher, with Lloyds (LLOY) and Royal Bank of Scotland (RBS) up 1.6% and 1.5%, respectively.

The biggest bank on the FTSE in terms of market cap, HSBC (HSBA) rose 1.3% to 730p.

The blue-chip index closed 0.4% higher at 7,313.

Brent crude oil dipped 0.9% to $58 per barrel. Gold was unmoved at $1,297 per ounce and copper climbed 0.4% to $2.91 per pound.

OVERSEAS MARKETS

Investor sentiment was strong in the US as the market waited for President Donald Trump to today detail his new tax plan, which may include a cut in tax rates for businesses.

The Nasdaq rallied 0.6% to 6,419.

MID AND LARGE CAP RISERS AND FALLERS

Focusing on the UK market, investors cheered satellite communications firm Inmarsat's (ISAT) news that AirAsia selected its next-generation GX Aviation inflight broadband solution for over 120 Airbus aircraft. Shares in the firm flew 1.7% higher to 634.1p.

A cautious trading statement from Imperial Leather brand owner PZ Cussons (PZC) set the stock back 2% to 323.2p. The consumer giant said that it was on track for full year growth but warned that it was increasingly clear that 'consumers are shopping cautiously' due to inflation and economic uncertainty.

Environmental tech group Halma (HLMA) continued to deliver improved rates of organic revenue and profit growth, but this failed to spark interest as the shares were flat at £10.78.

TV and film distributor-to-toys merchandising group Entertainment One (ETO) reported it was on track to meet market expectations, but overall box office revenue at its film division nearly halved in the year to date. This concerned investors as the stock retreated 2.3% to 253.2p.

SMALL CAP RISERS AND FALLERS

Speculation that struggling construction services firm Carillion (CLLN) could be taken over by a buyer in the Middle East triggered a buying frenzy as the share price rallied 19.6% to 55.2p. Carillion has had a difficult year due to problematic contracts and its substantial debt and pension obligations.

Fashion retailer Boohoo.com (BOO) was in the spotlight after hiking its full-year sales outlook for the second time in four months. Despite the strong set of numbers, investors were cashing in their profits, causing the stock to fall 4.7% to 242.9p.

Chocolate retailer Hotel Chocolat (HOTC) fattened 6.8% to 302p after more than doubling pre-tax profit to £8.8m thanks to strong sales growth.

Spread betting firm Plus500 (PLUS) excited the market by announcing full year revenue and profit would beat market expectations. Shares in Plus500 gained 5.9% to 881.6p.

Story provided by StockMarketWire.com

Related Company: ISAT

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