Despite political turmoil in Europe and Italian Prime Minister Matteo Renzi’s resignation after his referendum defeat, the FTSE 100 gained 0.3% following an earlier dip.
Financial stocks were the biggest losers this morning, but rebounded as investor jitters over a potential banking crisis subsided.
Barclays (BARC) and Royal Bank of Scotland (RBS) both advanced approximately 1.5%.
West Texas Intermediate crude oil rose 1% to $52.21 and Brent crude oil gained 1.2% to $55 per barrel, respectively.
Gold slipped 1% to $1,163 per ounce and copper climbed 1.5% to $5,842 per tonne. Service sector growth in the UK continued to grow and accelerated to a ten-month high. Markit’s Purchasing Managers’ Index increased from 54.5 in October to 55.2 in November.
SMALL CAP RISERS AND FALLERS
Cheaper air fares helped to fill seats on Ryanair (RYA) planes, helping the airline to fly 2.9% higher. Its load factor rose to 95% to November, which is the amount of ticket sales as a percentage of available seats on all flights that month. Wizz Air (WIZZ) also improved its load factor, as it increased 3.2 percentage points to 87% in the same month.
Gold miner Petropavlovsk (POG) announced it might have to pay less to buy a Russian gold business after the vendors indicated they would take 20% fewer shares as payment. That was the result of Petropavlovsk refinancing its large debt and restarting a project that will enable processing of ore across Russia.
The market was pessimistic ahead of China Africa Resources’ (CAF) general meeting to discuss a proposed company restructuring and £1m fundraise.
Online hybrid estate agent Purplebricks (PURP) beat forecasts with half year results. Revenue and profit were better than expected, although it looks like costs will rise as it will aggressively target market share growth. The stock shot up 15.7% to 121.7p.
Behavioural health service provider Cambian (CMBN) said it will sell its adult care business for £377m to an American operator. It will be used to repay its current debt in full and leave £40m to fund a special dividend for shareholders.
Shares in audio-visual content group Mirada (MIRA) crashed 39.3% to 2.5p after issuing a profit warning, which it blamed on delays to a contract roll-out with major customer Televisa.
Story provided by StockMarketWire.com