Share Prices & Company Research

Market News

24 Jul 2018 | 11:56

FTSE rallies as miners boosted by Chinese infrastructure pledge

The mining sector was in vogue after China's State Council signalled an increase in fiscal aid including higher spending on infrastructure.

Mining stocks surged to the top of the FTSE 100 leaderboard and helped to lift the blue chip index by 0.8% to 7,721.

BHP Billiton was the top riser, up 4% to £16.74. Rio Tinto, Anglo American, Glencore and Evraz all enjoyed gains in the region of 3.7%.

The banking sector was also in fashion with notable gains including Royal Bank of Scotland, up 2.8% at 248.9p, and Standard Chartered, up 2.2% at 691.2p.

Brent crude oil was stable at $73.24 per barrel and copper climbed 0.8% to $2.76 per pound.

MID AND LARGE CAP RISERS AND FALLERS

Tonic water supplier Fevertree pleased the market after revealing it would smash full year forecasts thanks to strong sales and earnings growth, sparking a 11.4% rally to £38.50.

Pepsi Max and Robinsons owner Britvic was unable to take full advantage of the ongoing heatwave following extensive disruption to the supply of carbon dioxide in the UK and Ireland. Despite slower sales growth, shares in the company fizzed 2.7% to 800p.

At fashion brand Superdry, co-founder Julian Dunkerton sold 5.5m shares for £71m, dragging the shares 7.2% lower to £12.61.

Shares in power firm Drax declined 5.5% to 338.6p after power outages affected electricity generation at its power plants, hitting its first half earnings by 16%.

British property investment company Hammerson announced it was planning £1.1bn of asset disposals by the end of next year in a bid to shake up the business. The stock advanced 1.4% to 533.6p.

Financial betting company IG Group reported regulatory changes in the EU were expected to impact sales over the next financial year, but this failed to impact the stock, flat at 864p.

Imperial Leather owner PZ Cussons said annual pre-tax profit dropped 23% amid weaker in sales in its largest market, Nigeria. Shares in the personal goods manufacturer slid 1.9% to 213.6p.

SMALL CAP RISERS AND FALLERS

Pharma company Avacta shot up 42.1% to 40.5p on a co-development partnership with Bach BioSciences to develop a new class of affirmer drug conjugate therapies.

A profit warning at media consultancy Ebiquity caused the shares to tumble 21.2% to 44.5p.

Story provided by StockMarketWire.com
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