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04 Nov 2019 | 09:03

UK stocks open 0.5% higher amid US-China trade deal hopes

UK stocks opened higher on Monday, led by miners, amid rising hopes that the US and China can manage to forge a trade deal.

At 0852, the benchmark FTSE 100 index was up 32.66 points, or 0.5%, at 7.335.08.

Glencore, BHP and Antofagasta led miners higher, with gains of 2.9%, 2.2% and 2.1%, respectively.

British Airways owner International Consolidated Airlines rose 1.7% to 551.86p on announcing that Spanish unit Iberia had agreed to acquire rival Spanish carrier Air Europa for €1bn.

Budget carrier Ryanair rose 4.8% to 13.08c as it reported a flat first-half profit and narrowed its guidance range for the full year.

Food delivery group Just Eat rose 0.2% to 738.8p after takeover suitor Takeaway.com changed the structure of its offer from a court-sanctioned scheme of arrangement to a bid with a 75% acceptance level.

Marston's gained 0.6% to 123.9p on agreeing to sell 137 pubs for £44.9m to Admiral Taverns to cut debt.

Insurance company Hiscox fell 1.8% to £14.49 as claims surged above budget for the second half, owing to storms in the US, the Caribbean and Japan.

Advertising company S4 Capital added 0.9% to 167.5p as its gross profit rose 50% in the third quarter amid stronger sales.

Woodford Patient Capital Trust fell 3.6% to 35.52p after announcing that its net asset value per would fall due amended valuations of two of its portfolio companies.

Flexible office space provider IWG gained 2.2% to 391.5p as it entered into a franchise agreement to sell its workspace business in Switzerland for 120m Swiss francs (£94m).

Payments group Equiniti firmed 0.4% to 219.6p on news that it had acquired transfer agent Corporate Stock Transfer in a bid to boost its US operations, for an undisclosed sum.

Video game develop Team17 gained 2.9% to 306p on announcing that it expected its adjusted operating earnings and its revenue to be ahead of market expectations for its full year through December. Story provided by StockMarketWire.com
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