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Market News

11 Dec 2018 | 16:49

FTSE rises as China ponders tariff cuts

Potentially positive news on the US-China trade war fuelled gains for the FTSE 100, which was also supported by the weaker pound as fears over the direction of Brexit remained fresh in investors' minds.

According to reports, China is considering cutting tariffs on US cars and trucks.

The FTSE 100 climbed 1.3% to 6,806 and European equities surged on the news. Germany's DAX took the lead with a 1.8% jump to 10,814.

On Wall Street, the S&P 500 rose 0.5% to 2,652 at around 4:45pm UK time.

Brent crude oil was up 1% at $60.56 per barrel and copper climbed 1.7% to $2.77 per pound.

LARGE AND MID CAP RISERS AND FALLERS

Advertising firm WPP gained 4.8% as new chief executive Mark Read unveiled a restructure plan that involved spending £300m over the next three years to boost efficiency and sharpen the company's offering.

Industrial equipment rental company Ashtead rose 3.6% to £16.64 on guiding that it expected its full-year results to exceed its expectations, as first-half profit rose by 25% on the back of stronger sales in North America.

Security services provider Serco climbed 2.7% to 86.4p after it won contract extensions with Peterborough city and Lincolnshire county worth a combined £135m.

Gambling company 888 gained 1.3% to 156p on news that it had acquired the remaining 53% stake in All American Poker Network for $28m, expanding its footprint in the US.

Intellectual property support services provider RWS gained 5.3% to 492.5p after the acquisition of language services group Moravia drove a 17% rise in profit.

SMALL CAP RISERS AND FALLERS

Embattled flooring retailer Carpetright rose 5.8% to 17.3p, despite posting a deeper first-half loss, as it met cost-cutting targets and the rate of sales decline slowed in the second quarter.

Bio-marker company Oxford BioDynamics booked an annual loss as it increased spending on R&D and staff while revenue remained flat. The company's shares were flat at 203.9p

Online retailer MySale tumbled 49.8% to 17.4p as warned that it expected to book a first-half underlying loss, amid 'challenging' conditions during its peak second-quarter trading period.

Story provided by StockMarketWire.com
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