FTSE falls from highs as profiteers hit most miners

London equities retreated from the highs posted yesterday as the big-ticket miners responsible came in for a round of profit taking, with banks and other financials also suffering.

At about 8.52am, FTSE 100 was down 13.57 points, or 0.19%, to 7092.51, while FTSE 250 was down 21.31 points, or 0.12%, to 17,991.5. Wall St and Asian stock markets retreated overnight.

Glencore (GLEN) guided most metals diggers south with a slide of 1.23% to 273.5p, trailed by BHP Billiton (BLT), lower 1.07% to 1297.5p, and Rio Tinto (RIO), off 0.9% to 3138p. More followed, but a few made gains.

At about 8.43am, the price of gold was ahead 0.75% to $1149.40/oz, with silver and copper also rising. WTI crude was down 0.11% to $54.01/bbl and Brent was up 0.43% to 56.46/bbl.

Among banks, Barclays (BARC) retreated 1.36% to 221.7p, while Asia-focused Standard Chartered (STAN) lost 1.08% to 652.6p. Other lenders followed, among them Lloyds (LLOY) and HSBC (HSBA).

Other financials lower included Schroders (SDR), down 0.3% to 2974p, Prudential (PRU), off 0.28% to 1606p, and 3i Group (III), falling 0.4% to 692.75p.

Blue-chip fallers outnumbered risers 58 to 42. Gold-touchy miners led the gainers, with Fresnillo (FRES), up 2.65% to 1201p, and Randgold (RRS), up 2% to 6242.5p.

Also making gains were commercial property stocks, although some retreated. A number of utilities tiptoed north, as did several supermarkets, while others in the sector ebbed.

BIGGER MOVERS

Alpha Pyrenees Trust (ALPH), up 33.33% to 0.1p, said it has sold a vacant warehouse located in Zaragoza, Spain, for €370,000. The property is approximately 2,590 square metres and is located on an established industrial estate.

Trinity Capital (TRC), down 11.11% to 1p, has posted an H1 pretax profit of £4.7m, from a year-ago loss of £1.3m. It noted significant progress in implementing the company’s investment policy during the current financial year.

LONDON HIGHLIGHTS

Frontera Resources Corporation (FRR), down 5% to 0.1p, has restructured the 10% notes issued by its wholly-owned subsidiary Frontera Resources Holdings on Aug. 1, 2011.

Indus Gas (INDI), up 4.88% to 325.13p, has posted an H1 pretax profit of $22.6m, up from $14.3m last time. Revenues rose to $27.4m from $22.6m and operating profits of $22.3m were uo from $16.8m a year ago.

IGas Energy (IGAS), down 3.23% to 11.25p, said it has recently met with certain of its bondholders and potential strategic investors to discuss its capital restructuring options and valuation of the company.

BMR Group (BMR), up 1.85% to 6.88p, reports a loss before tax of £1.13m for the year to the end of June, from £1.59m.

Premier Oil (PMO), down 0.86% to 71.38p, has received a monthly deferral in respect of the test of its financial covenants with the test for the 12 month period ending 31 December 2016 waived and replaced by a test for the 12 month period ending 31 January 2017.

Circle Oil (CIRC), down 0.62% to 19.13p, said its financial position remains under significant pressure and it expects its listing on AIM to be cancelled on Dec. 30.

Petra Diamonds Ltd (PDL), up 0.58% to 155.9p, has published a full report on its payments to governments for the year ended 30 June 2016.

Ophir (OPHR), up 0.41% to 93.63p, and its joint venture partners, BG Tanzania (Shell) and Pavilion Energy, have concluded the drilling of two exploration wells offshore Tanzania, safely and on time.

Other stocks in the news included MySQUAR (MYSQ), Vipera (VIP), Hummingbird Resources (HUM), Globaltrans Investment (GLTR), Windar Photonics (WPHO) and Concha (CHA).

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