Share Prices & Company Research

Market News

10 Jun 2019 | 16:44

Shares push ahead around the world as Mexican tariff threat recedes

Markets kicked off the week with a bang thanks to Donald Trump calling off proposed tariffs on Mexican goods.

The FTSE 100 index pushed ahead 0.6% to 7,375. In Asia, Hong Kong's Hang Seng index jumped 2.3% higher while mainland Europe also saw shares trading ahead. Germany's DAX index was closed for a public holiday.

On Wall Street, the Nasdaq index traded 1.8% higher and the Dow Jones advanced 0.7% as of 4.30pm UK time.

The UK economy shrank 0.4% in April amid the biggest slump in UK manufacturing since 2002. Output from Britain's car-making sector slumped by 24% in the month.

LARGE AND MID-CAP NEWS

Plumbing and heating products group Ferguson fell 4.6% to £51 as third quarter revenue slowed. The FTSE 100 member already guided in March for the pace of sales growth to slow but the latest figures were worse than expected.

Investors were hungry for a slice of Ocado, sending its shares up 4.7% to £11.65. The food and technology group made a £17m investment in the indoor crop growing industry.

Three chief executive departures were announced on Monday. James Ward-Lilley is leaving Vectura on 30 June with the pharma group saying it was 'time for a new leader' to the take the business through its next phase of development.

Housebuilder MJ Gleeson parted ways with CEO Jolyon Harrison following a disagreement over pay. Jill Smith quit as chief executive of Allied Minds, an intellectual property commercialisation company.

Woodford Patient Capital Trust dropped 6% to 59p, despite attempting to reassure investors that the operational performances of its portfolio companies were not impacted by its asset manager's recent woes.

SMALL CAP NEWS

Struggling travel company Thomas Cook jumped 17.1% to 18.86p after it confirmed media speculation that its largest shareholder, Fosun International, has made an approach about buying its tour operator business.

Bonding solutions supplier Scapa gained 11.9% to 183p on news that chief executive Heejae Chae would no longer leave the company. Chae will stay to 'execute against the current strategy' as the company attempts to deal with the loss of key client ConvaTec which caused a major share price sell-off at the start of the month.

Property group Helical confirmed press speculation that it had received takeover interest, sending its shares up 9.6% to 389p.

Premium drinks brands owner Distil dropped 17.6% to 1.56p after higher spending offset a rise in sales to limit it to a modest rise in annual profit.

Setbacks with production and a funding shortfall spooked investors in gold miner Avesoro Resources, sending its share price down 61.7% to 36p.

Clinical stage biotechnology company ValiRx slumped 16.8% to 0.26p on announcing that it was poised to terminate a proposed issue of shares in the company to European High Growth Opportunities.

Video game developer Codemasters swung to a profit in its maiden set of results as a listed company with revenue up 11.9%, boosted by improved digital sales growth. With the shares having already rallied in the run-up to the results, likely profit taking by investors dragged the stock down 1.4% to 251.5p.

Story provided by StockMarketWire.com
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