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15 Nov 2019 | 09:06

UK stocks open 0.2% higher as trade hopes boost miners

UK stocks opened firmer or Friday as hopes that the US and China could forge a trade deal boosted mining stocks.

At 0857, the benchmark FTSE 100 index was up 12.79 points, or 0.2%, at 7.305.55.

Mining titan Rio Tinto rose 2.0% to £41.73, even as it said it would support Energy Resources of Australia's $324m capital raising to rehabilitate the Ranger project area in Australia's Northern Territory.

Rio Tinto currently had a 68.4% shareholding in the uranium miner and said it would subscribe for its full entitlement under the offer of around $221m.

Fellow miners BHP and Glencore rose 2.3% to £17.136 and 1.4% to 242.35p, respectively.

Telecom company TalkTalk shed 1.6% to 106.9p after it swung to a first-half profit of just £1m, as the addition of new broadband customers helped it boost its operating earnings.

Struggling flooring retailer Carpetright jumped 14% to 4.83p on news that it agreed to be acquired by Meditor European Master Fund in a deal that valued the company at £15.2m.

Pharmaceutical bellwether AstraZeneca gained 0.3% to £73.39, having announced that its drug to improve glucose levels in adults with type-2 diabetes had been approved by the European Commission.

Specialist media platform Future fell 4.1% to £13.94, even as it lifted its outlook for the current financial year as its annual profit more than doubled, led by growth in its media division.

Video game developer Sumo rallied 7.1% to 165p after it revealed that Chinese internet giant Tencent had bought a 9.6% interest in the company from existing shareholder Perwyn.

That news helped rival video game group Team17 rise 1.4% to 330p, despite it announcing that chief financial officer Jo Jones had decided to leave the company to take up another role elsewhere. Jones would be replaced on an interim basis by Mark Crawford on 22 November.

Residential development finance provider Urban Exposure added 4.4% to 59p after it said it had received 'a number of additional proposals' regarding its future, without elaborating.

The company had earlier in November said it received an outline restructuring proposal from R20 Advisory, involving a special dividend, rights issue, the externalisation of its management team into a separate vehicle and the company's conversion to an investment group.

Hostel group Safestay firmed 4.3% to 33.38p as it acquired Hotel Auberge in central Berlin for €1.2m. The property was currently operating as a 32-bedroom hotel and 'ideally suited' to being converted into a 150-bed hostel, Safestay said.

Energy group Parkmead gained 9.4% to 42.68p as it swung to a full-year profit, buoyed higher gas output from the Diever West field in the Netherlands.

Marketing company for the online gambling sector Veltyco tumbled 55% to 1.62p on announcing that it was exploring additional funding sources and looking to cut costs amid a slump in marketing activities.

Veltyco said its ability to continue as a going concern would be materially impact if trading deteriorated further and it was not able to secure further funding.

Story provided by StockMarketWire.com
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