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05 Apr 2019 | 08:45

FTSE posts modest gains as May, Corbyn seek Brexit breakthrough

UK stocks opened modestly higher on Friday after the US and China reported progress on trade talks and Theresa May and Jeremy Corbyn attempted to hammer out a palatable Brexit compromise deal.

At 0838, the benchmark FTSE 100 index was up 6.15 points at 7.408.09.

Gambling company GVC edged 0.1% higher after it reported an 8% increase in first-quarter net gaming revenue, as soft gross win margins in Italy and the UK were offset by improved margins in other territories.

Electricity producer ContourGlobal gained 4.7% on the back of a 19% rise in annual adjusted profit. The company also announced that it had hired Stefan Schellinger as its new chief financial officer.

Miner and commodities trader Ferrexpo added 1.0%, despite it reporting a modest fall in first-quarter iron-ore pellet production.

Flavour and fragrance ingredient supplier Treatt advanced 1.6%, as its first-half revenue grew by 7% despite price weakness in its key citrus category.

Auto retailer Motorpoint fell 6.5% after it announced that a weaker second half had limited its annual adjusted profit growth to 10%.

Marketing company Matomy Media dropped 8.9%, even as it announced that it was considering an offer of $36m to sell its 90% stake in Team Internet.

Cancer diagnostics group Oncimmune rose 3.2% as it signed an exclusive agreement for the distribution of its lung cancer test kit in Portugal with Sabartech, its existing distributor in Spain.

LED lighting supplier ProPhotonix gained 2.8%, as its annual losses didn't turn out to be as deep as feared and it forecast a delayed product launch to come through this year.

Tube manipulation specialist Tricorn jumped 14% on guiding for a 30% rise in adjusted annual profit, as strength at its transport division offset weaker sales at its energy division.

Gambling company technology provider Nektan gained 2.5% after it posted a 5.9% rise in third-quarter revenue on-year, bolstered by its business-to-business unit. Story provided by StockMarketWire.com
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