FTSE mixed with blue chips up on miners

London stocks were mixed in early deals as the market continued to digest news of Italy’s Prime Minister, Matteo Renzi, quitting after losing a key constitutional reform referendum, sparking a slide in the euro.

Soon after the open, FTSE 100 was down 17.06 points, or 0.25%, to 6747.78, while FTSE 250 was down 3.2, or 0.02%, to 17,432.1. At 8.35am, WTI crude was up 0.41% to $51.89/bbl and Brent was up 0.42% to $54.69/bbl. Gold was down 0.43% to $1172.7/oz.

Miners led blue chips up. BHP BIlliton (BLT) rose 2.45% to 1336p, while Antofagasta (ANTO) added 2.45% to 710.5p. More — among them Rio Tinto (RIO), Glencore (GLEN) and Anglo American (AAL) — followed close behind.

So far, top-100 index risers outnumbered fallers about 87 to 13. Among those on the march north were supermarkets, leisure, financials and property. Burberry (BRBY) added 2.44% to 1446.5p, while Tesco (TSCO) improved 1.93% higher to 210.75p.

In the leisure sphere, TUI (TUI) rose 1.45% to 1050p, with Carnival (CCL) firming 1.15% to 3952p. Financials were guided up by Prudential (PRU), ahead 1.67% to 1587p, and Barclays (BARC), which improved 1.67% to 216.5p.

Among those to the downside, gold sensitive miners were notable. Randgold Resources (RRS) flopped 3.39% to 5627.5p, while Fresnillo (FRE) faded 2.92% to 1163p. Several US rates-sensitive utilities also figured behind Centica (CNA), lower 0.5% to 207.15p.

BLUE-CHIP NEWS

Royal Bank of Scotland (RBS), up 0.26% to 193.9p, said it has concluded a full and final settlement with three of the five shareholder groups representing 77% of the claims by value in the 2008 Shareholder Rights Issue litigation.

AstraZeneca (AZN), up 0.3% to 4067.25p, has completed the agreement with Cilag GmbH International, an affiliate of Johnson & Johnson, for the divestment of the rights to Rhinocort Aqua outside the US.

BIGGER MOVERS

Mirada (MIRA), down 42.42% to 2.38p, now expects total revenues for the current financial year will be below current market views, with pretax profits likely to be substantially lower than current market anticipations.

Origo Partners (OPP), up 15.38% to 1.88p, has entered into an unsecured loan agreement with Lars Bader, under which the latter has provided a $2.5m unsecured loan.

LONDON HIGHLIGHTS

Purplebricks (PURP), up 7.6% to 113.25p, has more than halved its H1 pretax loss to £2.76m, from £6.39m. Revenue was £18.7m, from £7.2m. Cambian Group (CMBN), up 11.66% to 146p, has agreed to dispose of its adult services business to Cygnet Health Care Ltd, a subsidiary of Universal Health Services for £377m cash.

Armadale Capital (ACP), up 10.34% to 4p, said Kisenge Mining Pty Ltd has completed due diligence and exercised its option to form a JV with Armadale to develop and operate the Mpokoto gold project in the Katanga Province of the Democratic Republic of Congo.

RedstoneConnect (REDS), up 7.27% to 1.48p, announces the deployment of award-winning workspace management software solution OneSpace with UBM, a global events and marketing communications specialist, at their US head office in New York City.

RhythmOne (RTHM), up 6.35% to 39.88p, has agreed to acquire all of Perk’s issued and outstanding Common and Class A Restricted voting shares and certain employee options in exchange for total consideration of about $42.5m in an all stock transaction that is expected to close in January 2017.

Westminster Group (WSG), up 5.81% to 20.5p, said division Sovereign Ferries is ready to commence its ferry service in Sierra Leone, West Africa.

Flowgroup (FLOW), up 5.08% to 7.75p, has issued a further update to its Flow Energy business, which as stated on 16 November continues to perform well and in line with management expectations.

CyanConnode (CYAN), up 4.76% to 0.22p, has announced a further purchase order from Larsen & Toubro to expand the deployment of CyanConnode’s smart metering solution at Tata Power Mumbai with an additional 4,700 smart meters.

Other stocks in the news included Helios Underwriting (HUW), ECO Animal Health (EAH), St. Modwen (SMP), Spectra Systems (SPSY), Filtronic (FTC), Sula Iron & Gold (SULA), Horizonte Minerals (HZM), Evgen Pharma (EVG), 21st Century Technology (C21), Physiomics (PYC), Landore (LND), Wizz Air (WIZZ), Gulf Keystone (GKP), Craven House Capital (CRV) and Aminex (AEX).

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