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07 Oct 2019 | 08:45

UK stocks open flat amid lingering trade, Brexit tensions

UK stocks were broadly flat in early trade on Monday as investors continued to grapple with US-China trade tensions and continued Brexit uncertainty.

At 0840, the benchmark FTSE 100 index was up 1.61 points at 7.156.99.

Building materials supplier SIG sank 23% to 92.38p after it warned on profits and said it was selling its air handling and building solutions businesses.

Vodafone fell 0.1% to 157.7p after the telecom giant announced that it would trial new technology in Europe and Africa that would increase the number of companies that could supply mobile network equipment to telecom operators.

Fishing tackle retailer Angling Direct jumped 5.3% to 61.6p, even as it reported a fall in first-half profit owing to higher administrative costs that offset growing sales.

The company also posted a strong start to the second half, with like-for-like sales up 13%.

Publisher and attractions business Time Out gained 1.1% to 127.9p, on launching a placing of shares at 127p each to raise up to £17.1m, to fund a continued investment in its food courts business and cut debt.

Defence contractor TP advanced 4.1% to 6.66p on news that it had been appointed as a key part of a team that had won the Skynet client support-side contract from the UK's Ministry of Defence.

Pawn broker Ramsdens firmed 3.8% to 200.92p as it revealed that it would book a one-off £0.6m gain in the first half after it decided to scrap some jewellery to take advantage of a higher gold price.

Cleaning products supplier McBride rose 0.6% to 55.51p after appointed Jeffrey Nodland as chairman elect, with immediate effect.

Nodland was most recently chief executive of US consumer packaged goods manufacturer KIK Custom Products.

Out-of-hospital health care services provider Totally gained 8.3% to 9.8p after its Vocare unit secured two contract extensions worth a combined £16.6m.

Surveillance system supplier Petards was flat at 14.31p, on announcing that it had secured a £1.3m contract to supply Bombardier Transportation with systems for trains.

Story provided by StockMarketWire.com
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