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12 Jul 2018 | 11:47

FTSE 100 gains momentum as trade war fears ease

The FTSE 100 bounced back from trade war fears, rising 0.7% to 7,649 around midday.

Utility companies were among the top performers with United Utilities rising 1.6% to 739.2p and National Grid (NG.) adding 1.2% to 860.9p.

Brent crude oil increased 1.6% to $74.56 per barrel and copper climbed 1% to $2.76 per pound.


Broadcaster Sky sparked 2.8% higher to £15.36 after Comcast hiked its takeover offer to $26bn.

Oil and gas company Premier Oil reported it is waiting for government approval for the divestment of its Babbage Area and a Pakistan transaction, dragging the shares 1.9% lower to 128.5p.

Household retail goods supplier Dunelm reported flat like-for-like sales in three months to 30 June, but the stock was broadly unmoved at 482.1p.

Discount retailer B&M European Value Retail nudged 1.2% higher to 419.4p despite delivering record first quarter results.

Capita announced the disposal of its parking management business ParkingEye and won a six-year contract from the Department for Education's Standards and Testing Agency. Shares in the outsourcer gained 6.8% to 172.1p.

Computacenter rose 6.9% to £14.69 on news it is expected to beat previous financial expectations for full year trading. owner Dart Group flew 35.1% higher to £10 after revealing pre-tax profit for the year to 31 March 2019 will 'substantially exceed' market expectations.

Online fashion retailer ASOS revealed its sales growth is likely to hit the lower end of its expected range at approximately 25%. The market was disappointed as the stock shed 10.2% to £58.38.


Sofa seller DFS Furniture slid 1.8% to 195p after sales fell 3% in the 23 weeks to 7 July, which it blamed on exceptionally hot weather.

Xaar announced it will invest with US-listed Stratasys in a newly formed company, Xaar 3F to develop 3D printing solutions, pushing the stock 6.1% higher to 255.1p.

AFC Energy rallied 33.7% to 11.1p on its first commercial order in Australia for its hydrogen power generation unit from Southern Oil Refining.

Superyacht maintenance firm GYG warned earnings before interest, tax, depreciation and amortisation is expected to be materially below forecasts at €5m. The stock crashed 40.3% to 72.7p.

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