Share Prices & Company Research

Market News

06 Jul 2018 | 08:57

FTSE opens higher as investors shrug off US-China trade volleys

UK stocks pushed higher on Friday, as investors shrugged off escalating trade tensions and focused on the potential for more global growth ahead of the release of key US jobs data.

At 0853, the benchmark FTSE was up 14.73 points, or 0.2%, at 7.617.95.

The US on Friday imposed tariffs on $34bn of Chinese imports and China said it would retaliate.

The market was expecting the US unemployment rate to stay at 5.3% and wages to rise by 0.3%, when data is released later in the day.

Satellite company Inmarsat dropped 11% after revealing it had rejected a second bid of 532p per share from its American rival EchoStar as too low.

Rolls-Royce shed 1.3% after it agreed to sell its commercial marine business to Norway's Kongsberg for an enterprise value of £500m, generating net proceeds for the British company of 'around £350m to £400m'.

Educational services provider Wilmington plunged 25% after it warned its profits would fall in the current financial year. Wilmington blamed lacklustre sales growth and costs related to IT upgrades and the establishment of a new headquarters.

London Southend Airport owner Stobart Group said it had started the year 'trading satisfactorily' and would continue to mull asset sales to support its dividend. Its shares gained 0.9%.

Payment services provider FairFX rallied 9%, as its turnover exceeded £1bn in the six months through June, inspiring confidence in the company's full-year expectations.

Investment manager River and Mercantile Group jumped 6% as it cut the estimated amount it may pay in penalties related to a competition probe, while reporting a 9% rise in year-to-date assets under management.

Car auctioneers BCA Marketplace slumped 2.9% after it confirmed that Apax would not make a further bid for the company after having its initial advances rejected as too low. Story provided by
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