FTSE 100 higher on Clinton’s comeback

The FTSE 100 climbed 1.5% to 6,795 as Hillary Clinton made a last-minute comeback in the race to become US President and HSBC (HSBA) reported a strong set of financial results which also boosted the blue chip index.

The market was recently volatile as it looked like Trump might win the election, but the turnaround occurred after the FBI cleared Clinton of criminal wrongdoing in her use of a private email server.

Clinton’s comeback hit the gold price as she is seen as an economically safer candidate, sending the price down 1% to $1,290 per ounce.

Gold miner Fresnillo (FRES) was hit hardest with a 2.2% fall in value.

Halifax said house prices in the three months to October were 5.2% higher at £217,411 compared to the same period of 2015.

West Texas Intermediate (WTI) crude oil rose 1.6% to $44.77 and Brent crude oil was up 1.2% to $46.16 per barrel, respectively.

Copper climbed 1.2% to $5,048 per tonne.

FTSE 100 RISERS AND FALLERS

Banking group HSBC (HSBA) delivered a good underlying performance as its underlying pre-tax profit increased by 7% to $5.24bn. Its share price was up 4.9% to 624.2p.

SMALL CAP RISERS AND FALLERS

Technology group Redcentric (RCN) crashed nearly 59% to 61.7p on an accounting error. It said it would reduce net assets on its balance sheet by at least £10m and potentially double the net debt figure to £30m. Chief financial officer Tim Coleman lost his job.

Sepura (SEPU) rose 27% to 23.4p on a potential takeover approach from Hytera.

Shares in European airline Ryanair (RYA) flew 5% higher on increased first half profit by 7% to €1.17bn. Fares were 10% lower, but so were costs by the same amount. The company provided a cautious outlook and said it expected fares to fall further.

Tonic water seller Fevertree Drinks (FEVR) pleased investors after saying results would be materially ahead of market expectations.

Computer games translation expert Keywords Studios (KWS) said its results would also be significantly ahead of market forecasts, pushing its stock 8% higher to 460p.

South Africa-based miner Diamondcorp (DCP) announced it is no longer up for sale as it claimed takeover approaches were priced too low. The market was pleased that it wasn’t sold to the first bidder, sending its shares up 12.3% to 2.5p.

21st Century Technology (C21) traded 31.7% higher after announcing a two-year contract extension to an existing framework agreement with Arriva Bus UK to February 2019.

E2V Technologies (E2V) warned its trading performance for the current financial year may be below expectations due to the risk of further delays to anticipated orders in space imaging. Shares dropped 14.6% to 186p.

Harvest Minerals (HMI) disappointed investors by saying it still hadn’t got the trial mining permit for its stonemeal project in Brazil. The miner previously indicated it would get the permit by early October. It said the authorities should visit site this month, which was necessary before getting the permit.

EKF Diagnostics (EKF) was in positive territory after saying trading was better than expected, even after upgraded forecasts over the last few months.

The sale of an energy storage machine to a customer in South Africa helped to drive up shares in RedT Energy (RED).

Two private investors proposed to buy nearly 10% of shares in Tethys Petroleum (TPL) at a premium, pushing its stock higher.

Story provided by StockMarketWire.com