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28 Aug 2018 | 09:02

UK stocks open 0.7% higher, led by miners, Bunzl

UK investors returned from a bank holiday to push the local market higher on Tuesday, as the US and Mexico announced a new trade pact and Theresa May said a no-deal Brexit 'wouldn't be the end of the world'.

At 0855, the benchmark FTSE 100 index was up 52.79 points, or 0.7%, at 7.630.28.

Miners were among the morning's biggest gainers, with Anglo American, BHP Billiton and Rio Tinto adding 3.3%, 1.4% and 1.3%, respectively.

Outsourcing group Bunzl rose 1.8% after it continued to grow revenue solidly both at home and abroad, helping to offset the impact of a stronger pound to push first half profits higher.

Plastic products designer RPC Group said it had sold its Foodservice unit to Letica for $95m, while finalising an acquisition of UK rigid plastic recycling company Plasgran. Its shares gained 0.9%.

Gene and cell therapy group Oxford BioMedica welcomes news that the European Commission had approved a cancer treatment developed in a partnership with Novartis. Its shares climbed 0.9%.

Sylvania Platinum jumped 7.4% after it declared a maiden dividend on the back of a 22% rise in annual profit, boosted by higher platinum prices.

Russian property investor Raven Property Group gained 5.9% after lower vacancy rates helped it boost its underlying profits and dividend in the first half.

UK satellite operator Avanti Communications fell 4.2%, despite signing a seven-year master distribution agreement with Washington-based Comsat.

Surveillance technology group Synectics rallied 7.8% on news it had won a contract from Serco to replace CCTV systems at six of its UK-operated custodial sites. Story provided by StockMarketWire.com
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