FTSE drifts lower on quiet day

A lack of corporate news leaves the FTSE drifting into the red at 6,907.

Polymetal (POLY) fell 8% to 974.7p after PPF Group, through Fodina, and Staroak said they would sell up to 26 million shares in the company using an accelerated bookbuild. Goldman Sachs and Morgan Stanley were the joint bookrunners.

Commodity stocks Fresnillo (FRES) and Randgold Resources (RRS) were in negative territory on flat gold and copper prices.

West Texas Intermediate (WTI) crude oil nudged higher to $46.37 and Brent crude oil gained 0.8% to $48 per barrel, respectively.

Gold was flat at $1,340 per ounce and copper was stable at $4,828 per tonne.


News that David Forsey, CEO of scandal-hit Sports Direct, (SPD) quit and founder Mike Ashley will step in pushed the stock 3.8% higher to 297.9p.

Opioid addiction treatment specialist Indivior (INDV) dropped 11.6% to 288.3p as 35 US states launched a civil claim against the company. They stated that Indivior blocked generic competition by getting patients to switch to a dissolvable strip version of its Suboxone product as the tablet version’s patent expired.

Oil and gas company Tullow Oil (TLW) nudged higher despite confirming hull and machinery insurance cover for its floating production, storage and offloading vessel that serves the Jubilee field offshore Ghana. It emerged after the failure of the turret bearing earlier this year brought operations to a halt.


Mineral explorer Kibo Mining (KIBO) signed a heads of agreement with Opera Investment for the sale of its wholly owned UK subsidiary, Sloane Developments. Shares in the firm slumped 11.3% to 7.88p.

Barren Oil (BOIL) won a joint venture deal with Singaporeans SundaGas to search for new exploration opportunities in Southeast Asia.

The market was lukewarm on Vodafone’s (VOD) extended partner market agreement with Afrimax in Cameroon. Under the Vodafone Cameroon brand, they will launch mobile data services in Douala and Yaounde, and run a host of services kiosks across other sites.

Engineer Smiths (SMIN) sold its Artificial Lift business in a $39.5 million deal with Endurance Lift Solutions. The unit mainly sold sucker rod kit to onshore upstream oil and gas customers.

Veterinary services consolidator CVS (CVSG) was flat on full-year results. Some investors were concerned that ‘investment in a number of longer term initiatives will have a slightly negative impact on our profits in the short term before generating positive returns’.

Technology investor NetScientific (NSCI) gained 11.2% to 84p after portfolio company Wanda was selected by 24Hr HomeCare in LA to use its predictive analytics and behavioural guidance technology to monitor OAPs and the disabled in their homes.

BMR (BMR) and its wholly owned subsidiary Enviro Mining entered a project construction and trade finance facility for up to $5.2 million with African Compass International, boosting its share price by 4.5%.

Investors were unimpressed with Constellation Healthcare Technologies (CHT) acquisition of VEGA Medial Professionals for a maximum of $24 million. The company traded 4.5% lower at 171p.

Story provided by StockMarketWire.com