FTSE entrenches losses as retail, oil lead fallers

London stocks entrenched their losses to midday with retail-related, oil majors and property-linked issues leading the blue-chip pack south.

In retail, Next (NXT) fell 3.62% to 4794p, with M&S (MKS) falling 1.93% to 340p and Sainsbury (SBRY) ebbing 1.52% to 250.15p. More sector pals followed.

Property was on the back foot after house builder Taylor Wimpey (TW.), lower 1.54% to 140.9p, while commercial property faltered behind Hammerson (HMSO), down 1.22% to 548.25p.

Among oilies, BP (BP.) shed 1.67% to 483.95p and Shell (RDSA) faded 1.58% to 2038.25p.

At 11.39am, WTI crude was down 0.64% to $48.39/bbl and Brent was down 0.74% to $49.34/bbl. Gold was down 0.17% to $1274.6/oz.

Approaching midday, FTSE 100 was down 30.8 points, or 0.44%, to 6965.46, while FTSE 250 was down 116.03, or 0.66%, to 17,528.8.

Also falling were multiple insurers, banks and pharmas, albeit mostly behind the pace-setters.

Roughly 35 blue chips eked out gains. WPP (WPP), up 3.66% to 1770.5p, has reported Q3 revenue up 23.4% to £3.611bn, and nine-month revenue up 15.8% to £10.15bn.

Anglo American (AAL), up 1.39% to 1114.5p, has completed the sale of its wholly owned interest in the Callide thermal coal mine in Queensland, Australia.

It was chased by several other miners, among them Fresnillo (FRES), up 0.4% to 1618.5p, and Randgold (RRS), up 1.18% to 7082.5p. Also up were several utilities and leisure stocks.

BIGGER MOVERS

Alpha Pyrenees Trust Ltd (ALPH), up 66.67% to 0.12p, said a new extension has been agreed to its loan facilities with Barclays and the maturity date of all its remaining borrowings (€89.8m) has now been extended to Oct. 31, 2018.

Proteome Sciences (PRM), down 36.22% to 5.6p, has raised about £3.3m gross via an oversubscribed placing for 65,858,100 new shares of 1p each and a subscription of 400,000 new shares, both at 5p a share.

Turbo Power Systems (TPS), down 28.57% to 0.12p, has hiked its Q3 revenue by 10% to £3.58m, but year-to-date its revenues were down 7% to £10.66m. Its strategic review continues.

ECONOMIC NEWS

Euro-zone flash inflation for October measured by the consumer price index (CPI) rose 0.5% on the year. This was in line with market views, and up from September’s 0.4% rise. Flash core CPI was up 0.8%, in keeping with market views and unchanged from September.

Euro-zone’s flash GDP growth rose a seasonally adjusted 0.3% in Q3, in line with forecasts and unchanged from Q2. Meanwhile, German retail sales fell 1.4% in September, from a revised fall of 0.3% in August. The market was looking for a gain of 0.2%.

UK net lending rose to £4.7bn in September, which was ahead of the £4.6bn forecast and from £4.5bn previously. Meantime, UK mortgage approvals rose to 62,932 in September, from 60,984 in August. A print of 62,000 was expected.

LONDON HIGHLIGHTS

Amur Minerals (AMC), up 22.88% to 4.27p, has signed a non-binding MoU with Jinchuan Nickel & Cobalt Research and Design Institute Co, Ltd of Jinchang, China.

SKIL Ports & Logistics (SPL), up 15.48% to 12.13p, has today announced a conditional placing, open offer and subscriptions to raise up to about £37.6 million gross by the issue and allotment of up to 376m new shares at 10p each.

InnovaDerma (IDP), up 14.55% to 126p, has entered the American market and secured retail and e-tailer distribution deals for Skinny Tan, a premium self-tanner brand that combines a natural tanning active, to tan and reduce the visible appearance of cellulite.

Premaitha Health (NIPT), up 9.46% to 10.13p, welcomes the decision by the UK’s Department of Health to make non-invasive prenatal tests (NIPT) routinely available on the NHS to high risk pregnant women across the UK.

NU-Oil and Gas (NUOG), up 9.82% to 0.62p, has agreed heads of terms with PVF Energy Services Inc under which they will work together to establish commercial production operations on the company’s licence PL2002-01(A).

Range Resources (RRL), up 9.19% to 0.41p, has signed an agreement with LandOcean Energy Services Co Ltd for the issuance of a $20m convertible note by Range.

Petards (PEG), up 6.85% to 19.5p, has secured an additional framework contract and two “Call Off” contracts with Hitachi Rail Europe Limited (Hitachi) for Petards to supply Automatic Passenger Counting Systems.

Premier African Minerals (PREM), up 6.67% to 0.4p, has completed the acquisition of a 52% interest in Mozambique-based TCT Industrias Florestais Limitada (TCT IF), which owns a substantial limestone deposit located on rail in the Sofala Province of Mozambique.

Other stocks in the news included CAP-XX (CPX), Tekcapital (TEK), IGas Energy (IGAS), Milestone (MSG), 3i Infrastructure (3IN), Centamin (CEY), Aureus (AUE), Gresham (GHE), Savannah Resources (SAV), DekelOil (DKL), Faron Pharmaceuticals (FARN), Totally (TLY), IG (IGG), Plant Impact (PIM) and Quadrise Fuels (QFI).

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