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04 Nov 2019 | 12:45

FTSE 100 storms to 1% gain as trade hopes lift miners

Mining stocks helped power a big advance for the FTSE 100 on Monday with the index up more than 1% by midday at 7,377.86.

Investor sentiment was boosted by hopes of progress between the US and China on trade with US stocks also expected to open higher later.

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 gained 7.5% to €13.42 as it reported a flat first-half profit, although ahead of forecasts, and narrowed its guidance range for the full year.

Infant merchandise retailer Mothercare slumped 29.2% to 8p on news that it would place its loss-making UK retailing operation, which currently has 79 stores, into administration.

The company's profitable international business would not be affected by the move, it added.

Food delivery group Just Eat rose 0.6% to 741.4p 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 dipped 0.3% ti 122.8p, reversing earlier gains, on agreeing to sell 137 pubs for £44.9m to Admiral Taverns to cut debt.

Insurance company Hiscox reversed 3.1% to £14.29 as claims surged above budget for the second half, owing to storms in the US, the Caribbean and Japan.

Woodford Patient Capital Trust fell 7% to 35.24p after announcing that its net asset value per would fall due amended valuations of two of its portfolio companies.

Flexible office space provider IWG climbed 2.4% to 392.3p as it entered into a franchise agreement to sell its workspace business in Switzerland for 120m Swiss francs (£94m).

Payments group Equiniti firmed 0.9% to 220.8p on news that it had acquired transfer agent Corporate Stock Transfer in a bid to boost its US operations, for an undisclosed sum.

Story provided by StockMarketWire.com
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