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Market News

13 Feb 2019 | 08:57

FTSE opens 0.5% higher as Trump cools trade-war fears

UK stocks opened stronger on Wednesday, amid broad global gains, after Donald Trump said he was willing to delay raising tariffs on Chinese goods if progress was made in upcoming bilateral talks.

At 0848, the benchmark FTSE 100 index was up 32.99 points, or 0.5%, at 7.166.13.

Packaging group Smurfit Kappa firmed 1.8%, despite the company swinging to an annual loss after it discontinued its operations in strife-torn Venezuela.

Underlying earnings, however, rose as management improved margins by successfully passing higher input costs onto customers.

Mining house BHP gained 1.5% after it approved almost $1bn of spending on new oil prospects in Mexico and the US Gulf of Mexico.

Hochschild Mining reversed 0.5% on news that it would suspend operations at its Arcata precious metal mine in Peru, amid continuing low silver prices and adverse geological conditions.

Also in the resources space, Tullow Oil rose 2.9% after it swung to an annual profit and reinstated its dividend, as revenue rose and it recorded less write-downs.

Elsewhere, Intercontinental Hotels moved to expand its luxury offering by acquiring Six Senses Hotels from Pegasus Capital Advisors for $300m. Its shares added 0.4%.

Homewares retailer Dunelm climbed 3.0% on the back of a rise in first-half profit supported by higher same-store sales.

House-builder Galliford Try gained 2.9%, despite booking a fall in first-half profit, as it guided for an annual result at the upper end of market expectations.

Immunodiagnostics system supplier Oncimmune shed 6.7% as its annual losses deepened on increased R&D and administrative spending. Story provided by
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