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01 Jul 2019 | 08:43

UK stocks open 0.9% higher after US, China form trade truce

UK stocks opened substantially higher on Monday after the US and China struck a tentative trade truce that buoyed markets around the globe.

At 0839, the benchmark FTSE 100 index was up 70.15 points, or 0.9%, at 7.495.78.

Advertising group WPP rose 1.0% after it announced that it had sold its minority shareholding in sports, entertainment and communications group Chime Group Holdings to majority shareholder Providence for £54.4m.

Fresnillo dropped 2.3% on revealing that it expected profits to take an $8m hit, owing to a reassessment of an historical Mexican tax burden.

AstraZeneca advanced 0.6% after the pharmaceutical company said that European regulators had delivered a positive opinion on the cardiovascular outcomes of its type-2 diabetes treatment.

Packaging company DS Smith firmed 1.7% as it completed the sale of two packaging businesses in France and Portugal to International Paper for €63m (£56m).

Consulting company Science Group shed 1.8% after it made a firm takeover bid for digital radio company Frontier Smart Technologies at 35p per share. Frontier shares jumped 12% to 36.4p amid hopes of a bidding war.

E-sports company Gfinty rallied 6.9% on announcing that it expected its annual performance to be 'slightly' better than market expectations, as growth in strategic partnerships helped bolster revenues and earnings.

Recruitment firm SThree gained 1.0%, despite announcing that chief operating officer Justin Hughes was standing down from 1 July.

Healthcare group Alliance Pharma gained 2.7% after it announced that its founder and chief executive John Dawson was standing down.

Engineering group Ricardo fell 1.8% on news that it had agreed to shell out A$9.6m (£5.4m) acquiring Melbourne-based environment, planning and infrastructure advisory consultancy PLC Consulting.

RA International gained 1.1% after it won a contract from to provide container accommodation 'global humanitarian organisation' worth $7.8m. Story provided by StockMarketWire.com
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