FTSE higher on sterling ‘flash crash’

The FTSE 100 climbed 0.8% higher to 7,058 after a suspected ‘flash crash’ saw the pound fall 6% overnight.

Miners dominated the top risers on the blue chip index as the market priced in a greater value in sterling for their dollar-denominated revenue.

Budget airline EasyJet (EZJ) was still in negative territory following yesterday’s weak trading update.

West Texas Intermediate (WTI) fell 0.4% to $50.23 and Brent crude oil retreated 0.6% to $52.17 per barrel, respectively.

Gold glittered at $1,252 per ounce and copper was flat at $4,740 per tonne.

According to the Halifax House Price Index, house prices in the three months to September were 5.8% higher compared to the same period in 2015.

In August 2016, total production output increased by 0.7% compared with August 2015, according to the National of Office Statistics.


Packaging firm DS Smith (SMDS) gained 4.3% to 415.25p as Barclays initiated with an ‘overweight’ rating and 465p price target.


Industrial services firm Brammer (BRAM) plummeted 31% to 87.5p after announcing plans for a £100m right issue, flagging a loss for 2016 and cancelling plans for a full year dividend.

Armadale (ACP) announced the preliminary discovery of high-grade coarse flake graphite mineralisation close to the surface at its Mahenge Liandu project in Tanzania, triggering a share price rise of 5.7% to 3.17p.

Medical testing kit maker EKF Diagnostics (EKF) rose 14.4% on a third quarter update with guidance for full year numbers ahead of expectations.

Power supply specialist XP Power (XPP) reported ‘encouraging’ momentum in order intake with North American markets returning to growth in its third quarter update.

Small cap UK energy play Cluff Natural Resources (CLNR) retreated 6.7% to 4.57p on news a North Sea oil and gas licence it aimed to acquire will have to be relinquished by the current owner after the Oil & Gas Authority refused to grant an extension to its initial term.

Micro cap software firm Defenx (DFX) slumped 4.1% to 94.9p as investors priced in the dilution from a £1.52 million placing, which will be used to speed up product development.