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09 Sep 2019 | 12:20

UK stocks reverse gains on pound strength

UK stocks lost earlier gains at midday on Monday, after the pound hit a six week high following the release of better than expected GDP numbers.

At 1210, the benchmark FTSE 100 index was down 37.09 points, or 0.5%, at 7.245.25.

Lloyds dropped 0.26% to 49.91p after the bank suspended a share buyback programme, owing to a spike in claims for mis-sold payment protection insurance, or PPI, ahead of a 29 August complaints deadline.

The lender said it now expected to make a charge for PPI claims of £1.2bn-to-£1.8bn for the third quarter.

Associated British Foods fell 1.8%% to £23.12, as it announced that same-store sales at its Primark budget department store chain were expected to fall 2%, amid a tough UK trading environment marred by Brexit uncertainty.

Consumer goods group UP Global Sourcing, which trades as Ultimate Products, was having a better morning, advancing 2.8% to 73.5p as it forecast a 51% jump in annual adjusted profit.

Private equity investor HG Capital Trust rallied 5.8% to 236.5p after it booked a total return of 14% in the first half of its financial year.

Technology-focused adviser and investor MXC Capital gained 6.9% to 101.5p, having forecast a return to the black, while also announcing a proposed demerger of its transactional businesses.

Communications software provider Cerillion jumped 6.9% to 171p on the back of news that it had won a contract worth £3.7m from a telecoms provider in Asia.

Aviation company Stobart gave up early gains and was 1.6% lower at 136.8p as it announced its energy division's management would share an award of £5.3m after the unit's equity valuation more than doubled in three years.

Oil explorer Petro Matad rallied 6.6%% to 8.13p after it announced that a new well in Mongolia had presented 'encouraging' results and would be subject to a testing programme. Story provided by
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