Banks and oil prices boost FTSE

The FTSE 100 climbed 1% to 6,797, recovering from Friday’s falls, with support from steadier oil prices as markets continued to adjust to Trump’s win in the US election.

Royal Bank of Scotland (RBS) and Barclays (BARC) boosted the blue chip index, posting gains of over 3%.

West Texas Intermediate (WTI) crude oil fell 1.5% to $42.76 and Brent crude oil was 1% lower at $44.24 per barrel, respectively.

Gold was flat at $1,222 per ounce and copper climbed 1.3% to $5,599 per tonne.

High Street footfall in October was 0.4% lower compared to a year ago, which was a smaller drop than the 0.9% decline reported in September, according to the British Retail Consortium (BRC).


Support services business DCC (DCC) reported strong first half results and a positive outlook. The company said it expects to deliver full year operating profit and earnings per share ahead of market expectations. DCC also flagged news of the £96m acquisition of French natural gas retail and marketing business Gaz Europeen.


Shares in bookmaker William Hill (WMH) were flat after announcing 2016 operating profits will be at the top end of the previous £260m to £280m guidance. Net revenue grew 6% in the third quarter, led by growth in the online business following investments in the mobile sportsbook offer.

Convenience food maker Greencore (GNC) made fresh gains of 12.3% to 327.8p on news of the £594.3m acquisition of Peacock Foods, a frozen meals maker that will transform its US business. Greencore’s full year results showed strong growth across the UK and US food-to-go markets.


Industrial fuel cell power company AFC Energy (AFC) rallied 20% to 22p as it highlighted a significant advance in the development of its fuel cell system.

Investors were excited by transport community solutions provider 21st Century Technology’s (C21) contract win. OFJ Connections Gatwick Airport chose the firm to provide integrated real-time passenger information and connected bus systems.

Aureus Mining (AUE) reported low gold recover due to inadequate oxygen generating capacity of its existing process plant and immediate action to address the issue. Despite this, low recoveries meant that management expected production to be in the range of 17,000 to 20,000 ounces.

Platinum producer Lonmin (LMI) sparkled on well-received full year results and a reorganisation of the business, which improved profitability and enabled the business to be cash flow positive despite a low pricing backdrop.

Publisher Johnston Press (JPR) was hot off the presses after responding to speculation in the Sunday Times over the potential for asset sales. Johnston, owner of i newspaper and other regional titles, said it is looking to sell businesses so it can buy back debt trading below par value.

Agricultural brand Carr’s (CARR) rebounded 4% to 144p on solid full year results, which was delivered in tough agricultural market conditions. Investors were also reassured by the news first quarter trading started positively with a ‘continued stabilising of farmgate milk prices’.

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