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02 Jul 2019 | 08:57

UK stocks open 0.3% higher amid sterling weakness

UK stocks opened higher on Tuesday as a weaker pound helped boost local exporters and investors continued to take encouragement from tentative progress on US-China trade talks.

At 0848, the benchmark FTSE 100 index was up 22.14 points, or 0.3%, at 7.519.64.

Small business loans platform Funding Circle sank 23% after it downgraded its revenue guidance, blaming an uncertain economic outlook hurting demand for loans.

Broking house Plus500 gained 4.5% on announcing that its revenue had improved substantially in the second quarter compared to the first.

Ryanair ascended 2.2% after the budget carrier announced that it had flown 13% more passengers in June compared to the same month a year earlier.

Eastern European-focused rival Wizz Air gained 1.0% as it flew 19% more passengers in June, as it added news routes to Poland, Austria and Georgia.

Recently-listed travel ticket issuer Trainline advanced 1.4% as it sold 20% more tickets in the first quarter of its financial year, underpinned by growth both at home and abroad.

Sirius Minerals fell 0.6%, despite the company saying that it remained on track to achieve first polyhalite in 2021 from its flagship fertilizer project in Yorkshire.

Power utility National Grid gained 0.9% after it submitted a draft business plan to UK national regulator Ofgem.

Scotland-focused housebuilder Springfield Properties gained 3.3% as it revealed that the solid growth it had reported in the first half had extended into the second, while cost control had helped improve margins.

Healthcare property investor Assura added 0.2% after it reiterated its outlook as it continued to expand its immediate pipeline of developments and acquisitions. Story provided by StockMarketWire.com
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