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Market News

18 Jun 2019 | 16:41

Markets in risk-on mode after Draghi, Trump interventions and ahead of Fed meeting

The FTSE 100 joined in a rally in global stocks as Mario Draghi hinted at further stimulus for the Eurozone economy, Donald Trump flagged an encouraging phone call with his Chinese counterpart amid ongoing trade tensions between the two countries and as investors awaited the latest decision from the US Federal Reserve

By the close the index of leading UK shares was up 1.4% at 7,456.33 while in the US the S&P 500 advanced 1.2% to 2,923.67 by 4.30pm UK time.

Tobacco stock Imperial Brands was one of the few fallers, down 1.7% after Morgan Stanley highlighted the risk to the industry's earnings from FDA proposals to introduce a maximum nicotine policy.

LARGE AND MID CAP RISERS AND FALLERS

Equipment rental group Ashtead gained 6.3%, as its annual profits jumped by a fifth on the back of strong demand in North America.

Pharmaceuticals company AstraZeneca also added 2.1%, at it announced that that it and partner Merck had gained approval from the European Commission for an ovarian cancer drug.

Component and system supplier Meggitt was up 0.9% as it secured a contract with Textron for the supply of fire protection systems.

Self-storage company Safestore fell 2.2% as it reported a 53% fall in first-half profit. The drop owed to a reduced gain on the value of its investment properties, which offset a rise in underlying earnings.

Utility services provider Telecom Plus added 2.6% on reporting a 4.9% rise in annual profit, buoyed by new customer wins.

SMALL CAP RISERS AND FALLERS

Video game developer Team17 rose 13.4% after it guided for revenue and operating earnings for the current year to be ahead of market expectations.

Specialty finance provider 1pm gained 3% after subsidiary Positive Cashflow Finance reported profits in excess of earn-out targets set at the time it was acquired in July 2017.

Business software supplier K3 gained 1.3% on announcing that it expected its full-results would be more second-half weighted than usual.

Story provided by StockMarketWire.com
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