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Market News

01 Jul 2019 | 12:20

Hopes for resolution on trade between US and China boost markets

The FTSE 100 gathered momentum by midday, up 1.3% to 7,519.08, as futures markets pointed to a higher open on Wall Street.

This followed Donald Trump's apparently constructive meeting on trade with Chinese counterpart Xi Jinping at the G20 summit over the weekend.

Amid a sea of green, China-related stocks were particularly in favour with JPMorgan Chinese Investment Trust up 7.7%.


Publishing firm Future was up 7.7% as it guided for results for the year to 30 September to be ahead of expectations.

Advertising group WPP rose 2.2% 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 3.9% on revealing that it expected profits to take an $8m hit, owing to a reassessment of an historical Mexican tax burden.

AstraZeneca advanced 1.2% 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 1.8% as it completed the sale of two packaging businesses in France and Portugal to International Paper for €63m (£56m).


Consulting company Science Group shed 0.3% 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 1% 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 dipped 2.5% 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.

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