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16 Jul 2019 | 12:08

UK stocks maintain momentum as Burberry surges

UK stocks maintained momentum in mid-morning trading on Tuesday, led by an upbeat sales report from luxury fashion group Burberry.

At 1200, the benchmark FTSE 100 index was up 28.88 points, or 0.38%, at 7,560.60.

LARGE AND MID CAP RISERS AND FALLERS

Burberry surged 11.8% to £22.26 after a 4% uptick in same-store sales in the first quarter indicated that new design chief Riccardo Tisci's creations are proving popular with shoppers.

Mining titan Rio Tinto dipped 0.7% to £48.36 after it reported a 7% fall in second-quarter iron ore output and upped its estimated production costs following a cyclone, fire and operational challenges in Australia.

The company also increased the cost estimate for its Oyu Tolgoi copper project in Mongolia to between $6.5bn and $7.2bn -- up from the $5.3bn previously disclosed.

Soft drink company A.G. Barr tumbled 24.6% to 655p after the Irn-bru maker warned on profits.

Ryanair rose 2.4% to €10.34, despite the budget carrier warning that it would have to cut routes and would lose passengers as a result of the grounding of Boeing's 737 MAX aircraft.

Recruitment consultant Hays shed 2.7% to 147p as it reported flat net fees growth in the fiscal fourth quarter, as a challenging macroeconomic backdrop in Germany weighed on hiring activity.

Information services company Experian fell 1.8% to £23.75 after its first-quarter revenue growth was kept to 4%, as growth in the US was offset by a weaker performance in the UK and Ireland.

SMALL CAP RISERS AND FALLERS

Auto parts company Surface Transforms jumped 23% to 24p on the back of news that it had been selected as a tier-one supplier of a carbon ceramic brake disc to a 'major German automotive company'.

Packaging company Mpac soared 22.6% to 192p on announcing that it expected to post a full-year result 'significantly' ahead of current market forecasts.

Digital performance marketing group XLMedia gained 7.3% to 78p as it launched a tender offer to buy back up to around 9.5% of its shares on issue.

President Energy rose 1.4% to 7.1p on announcing that fracturing activities at a well in Argentina had so far generated results at the high end of initial expectations.

Story provided by StockMarketWire.com
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