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Market Wrap - Market Open

Mining rally pushes FTSE higher

29 September 2017 09:12

A share price rally in the mining sector led by Antofagasta (ANTO) and Anglo American (AAL) helped the FTSE 100 gain positive momentum.

At approximately 9am, the blue-chip index was trading 0.4% higher at 7,349.

Antofagasta rose 2.8% to 949p and Anglo American was up 2.5% at £13.23. Rio Tinto (RIO) and Glencore (GLEN) chased its peers higher, up 1.3% and 1.5% respectively.

Brent crude oil was stable at $57.47 per barrel.

MID AND LARGE CAP RISERS AND FALLERS

Insurer Beazley (BEZ) reported an early estimate of $175m to $275m in net costs from the recent raft of Atlantic hurricanes and series of earthquakes in Mexico. The company estimated the losses would reduce 2017 earnings by approximately $150m. Its share price jumped 6% to 476.6p.

Equiniti (EQN) was among the biggest FTSE 350 fallers after the commencement of dealings in nil paid rights associated with its planned acquisition of a US business. Shares in the outsourcing firm fell 8.4% to 276p.

A strong trading update from defence tech company QinetiQ (QQ.) boosted the share price by 6.4% to 279.3p. Investors were particularly impressed by the performance in its Global Products division which is expected to grow in 2018 thanks to contracted orders and a strong pipeline.

Infrastructure developer John Laing (JLG) said it would invest more money in renewable energy assets including a wind farm project. Its share price held firm at 284.8p.

SMALL CAP RISERS AND FALLERS

Shares in struggling Carillion (CLLN) dropped 10.3% to 57.1p on yet another profit warning. It said full year results would be below current market expectations. At the half year stage underlying pre-tax profit plummeted 40% due to the phasing of equity disposals and underwhelming trading of contracts.

Online estate agent Purplebricks (PURP) said strong progress was made across the business since the start of the financial year on 1 May 2017. Shares were up 2.1% to 379.3p after the company said first half revenues in the UK were likely to more than double compared to the same period last year.

Restaurant operator Richoux (RIC) was unmoved at 13.4p despite turnover falling 20.2% to £5.65m in the 28 week period to 9 July 2017. It experienced some trading growth in its rebranded restaurants but there was no consistent improvement in trading conditions since April.

Story provided by StockMarketWire.com

Related Company: BEZ

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