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Market Wrap - Midday

Stronger miners lift FTSE 100

05 October 2017 11:58

The FTSE 100 traded 0.2% higher to 7,482 around midday thanks to a rally in the mining sector.

Anglo American (AAL) gained 2.7% to £14.69 followed by Antofagasta (ANTO) and Glencore (GLEN), up 2% apiece.

Sofas seller DFS Furniture (DFS) was in the spotlight following a huge hit to profits in the year to 31 July due to a 'very challenging' UK market. The market already priced much of this bad news in however, so the shares fell just 4.3% to 215.2p.

New car registrations declined 9.3% last month, which means sales might decrease for the first time since 2011 according to the Society of Motor Manufacturers and Traders.

Brent crude oil rose 0.7% to $56.19 per barrel. Gold was stable at $1,273 per ounce and copper was up 0.2% to $2.95 per pound.

MID AND LARGE CAP RISERS AND FALLERS

Media reports suggest that Thorpe Park operator Merlin Entertainments (MERL) approached SeaWorld Entertainment about a potential deal, driving the share price 2.7% higher to 460.6p.

EasyJet (EZJ) failed to take off at £12.72 despite the low-cost airline carrying 11% more passengers in September and increasing its load factor - the percentage of available seats occupied by customers.

Insurer Aviva (AV.) acquired a majority holding in 'robo' investment service provider Wealthify Group, but this failed to excite as the stock was flat at 490.4p.

Elsewhere, infrastructure group Balfour Beatty (BBY) dipped to 268p after agreeing to sell US engineering firm Heery International to a subsidiary of CBRE Group for $57m.

Iron miner Ferrexpo (FXPO) revealed a slide in pellet production due to its ongoing maintenance programme. Investors were undeterred by the news as the stock was broadly unmoved at 302.6p.

SMALL CAP RISERS AND FALLERS

Shares in toilet roll specialist Accrol (ACRL) were suspended as it warns on profit and begins talks with lenders after revealing net debt will be higher than anticipated.

Unlisted nightclub operator Deltic Group set out plans to merge with bar operation Revolution Bars (RBG), which if approved would leave Revolution shareholders with a 65% stake in the combined business. Shares in Revolution fell 1.6% to 207p.

Lead-zinc exploration firm Ferrum Crescent (FCR) said it may not need to raise $2.7m to build value at its Toral lead zinc asset as the costs were lower than expected. Investors were relieved as the stock surged 55.8% to 0.06p. Story provided by StockMarketWire.com

Related Company: MERL

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