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27 Dec 2019 | 08:54

FTSE 100 and 250 jump as markets reopen following Christmas break

Markets brought some post-Christmas cheer as stocks began trading for the first time since the festive break.

The FTSE 100 moved 0.4% higher to 7,657 and the FTSE 250 advanced 0.7% to 21,992.

Miners and banks were in demand including commodities trader and producer Glencore which was the biggest FTSE 100 riser, up 2.1%.

Investors didn't appear to be troubled by reports of a washout Boxing Day for retailers, with shares in many retailers rising on Friday.

Springboard said footfall up until midday on Boxing Day had seen the largest decline since 2010, down 10.6%. It said rainy weather, ongoing rise in online shopping and increased Black Friday spending were possible factors for the drop in footfall.

That didn't put investors off the sector with TheWorks.co.uk rising by 2.8%, Next up 0.3% and Marks & Spencer trading 1% higher.

Anglo African Oil & Gas jumped 10% on the news that it plans to sell its natural resources assets and become a cash shell.

Investment trust Downing Strategic Micro-Cap moved 11.4% higher on a national newspaper share tip.

US Solar Fund was unmoved on the news that it will buy eight operating solar projects in North Carolina.

88 Energy jumped 5% after saying preparations were going to plan for the February drilling of its Charlie-1 appraisal well in Alaska.

Elsewhere, corporate news was very thin with only a handful of director appointments announced. Ex-Qinetiq and BAE Systems executive Clive Richardson is becoming Chairman of InfraStrata. Research professor Robin Rogers is joining Ross Group as a non-executive director.

On the NEX market, Imperial X said it would seek shareholder approval to scrap its current listing in favour of a higher profile one on London's Main Market. It also wants to switch focus from the cannabis investment market to buying oil and gas royalties.

Story provided by StockMarketWire.com
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