FTSE 100 falls on commercial property, oil majors

FTSE equities were lower on Friday as commercial property, oil majors and pharma titans led the blue-chip index south.

Intu (INTU) led with a slide of 2.1% to 275.5p, while Land Securities (LAND) ebbed 2.06% to 964.75p. More of their sector buddies followed, but falls among house builders were much less.

Oilies traced BP (BP.), down 1.21% to 487.55p, with Shell (RDSA) down 1.19% to 2056.75p. Pharmas followed Hikma (HIK), off 1.63% to 1782.5p, and Shire (SHP), off 0.95% to 4902.75p.

Soon after the open, FTSE 100 was down 41.84 points, or 0.6%, to 6944.73, while FTSE 250 shed 69.25, or 0.39%, to 17,512.1.

At 8.29am, WTI crude was down 0.58% to $49.43/bbl and Brent was down 0.55% to $50.19/bbl. Gold fell 0.16% to $1267.5/oz.

Miners and utilities also tapered, mostly off the pace. This was also true of financials, although HSBC (HSBA) shed 1.27% to 619.55p and St James’s Place (STJ) fell 1.12% to 949.75p.

Roughly 80 blue chips were retreating, the rest of the FTSE 100 posting mostly muted gains.

International Consolidated Airlines (IAG), up 2.07% to 422.05p, posts an after-tax profit of €1,484m for the nine months to the end of September, up 25.8% on last time.

Royal Bank of Scotland (RBS), up 2.8% to 201.9p, has swung to a 9-month attributable loss to £2.5bn, from a profit of £761m. Its common-equity tier 1 ratio was 15.0%, from 14.5%.

Smiths Group (SMIN), down 0.04% to 1419.5p, has entered into a bulk annuity buy-in agreement with Pension Insurance Corporation, a specialist insurer of defined benefit pension funds.

BIGGER MOVERS

Global Petroleum (GBP), up 41.67% to 2.12p, says environmental decrees have been published by the Italian authorities in relation to two of the company’s four applications: for d 82 F.R-GP and d 83 F.R-GP.

Tethys Petroleum (TPL), down 46.15% to 0.88p, said the previously announced C$9.8m private placement with Olisol Investments and Olisol Petroleum did not close by Oct. 27, outside date under the Amended and Restated Investment Agreement dated April 28, 2016.

Ferrexpo’s (FXPO) shares were down 18.49% to 104.13p as Wigmore Street Investments No. 3 sold an total of 63m shares in the company, about 10.7% of its issued capital, at 110p each to raise gross proceeds of about £69m.

LONDON HIGHLIGHTS:

Roxi Petroleum (RXP), up 14.29% to 11p, said the oil-bearing intervals identified at Well A6 are larger than those previously identified at Deep Wells A5, which is believed to be in the same structure, and at Deep Well 801.

Mirada (MIRA), up 9.38% to 4.38p, said the rollout of the Iris product across izzi Telecom’s full client base continues to progress well.

Elementis (ELM), up 9.81% to 235.55, expects overall group earnings per share for 2016 to be in line with market forecasts.

BMR Group (BMR), down 6.45% to 7.25p, has raised £620,000 gross through a placing of 9.3m new shares at 6.7p each.

Andalas Energy and Power (ADL), down 3.92% to 0.12p, posted a FY pre-tax loss of $4.7m for the year to the end of April, up from $122,000 last time.

Distil (DIS), up 3.7% to 1.4p, said its revenue increased 25.7% to £0.666m in H1, while its gross profit rose 22.5% to £376k.

Bank of Ireland (BKIR), down 1.3% to 0.19p, said it continues to trade in line with expectations.

Tullow Oil (TLW), up 0.76% to 286.75p, confirms the successful completion of the six-monthly redetermination of its Reserve Based Lend (RBL) facility.

Other stocks in the news included Xcite Energy (XEL), Walker Greenbank (WGB), Sirius Real Estate (SRE), Conviviality (CVR), Morgan Advanced Materials (MGAM), Air China (AIRC), Orogen Gold (ORE) and Milestone (MSG).

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