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Market News

15 Jul 2019 | 08:57

UK stocks open slightly higher after mixed Chinese economic data

UK stocks opened slightly higher on Monday after the release of a mixed set of Chinese data that showed economic growth slowing but better-than-expected industrial output and retail sales.

At 0850, the benchmark FTSE 100 index was up 3.29 points at 7.509.26.

Sports Direct International sank 12% after the sportswear and equipment retailer delayed the release of its results, blaming the House of Fraser integration process and regulatory scrutiny.

Copper miner Antofagasta advanced 4.7% on news that the World Bank arbitration court had ordered the Pakistani government pay damages of $5.8bn to Tethyan Copper, a joint venture between the company and Barrick Gold.

Pharmaceutical company AstraZeneca was broadly flat, despite the US Food and Drug Administration deciding not to approve its application for a diabetes drug.

Rival pharmaceutical company GlaxoSmithKline rose 0.3% after it announced that a clinical trial of its ovarian cancer treatment demonstrated a significant improvement in progression-free survival for women.

Baker and cake maker Finsbury Food gained 4.8% as it forecast a 3.1% rise in annual like-for-likes sales, boosted by an improved performance in the second half.

Personal care and beauty products supplier Swallowfield jumped 13% on the back of news that it had agreed to sell its manufacturing business to Knowlton Development Corporation for £35m.

Banknote authentication group Spectra Systems added 1.2% as it won contracts to provide internal control systems to separate lottery groups in Europe and the US.

Broadcasting services company Amino Technologies rose 1.7% after it announced that it had agreed to acquire online video specialist 24i Media for €21.4m.

Homewares manufacturer and distributor Portmeirion shed 2.0% on announcing that it had acquired US rival Nambe for $12m. Story provided by
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