FTSE rallies after Trump win

The FTSE 100 jumped 0.7% to 6,964 with miners, financial and industrial stocks making positive gains following Trump’s victory.

FTSE 100 RISERS AND FALLERS

Cyclical industrial stocks also rallied as Trump pledged to ramp up infrastructure spending. Asphalt producer CRH (CRH), equipment hire outfit Ashtead (AHT) and builders merchant Travis Perkins (TPK) benefitted.

Fresnillo (FRES) and Randgold Resources (RRS) gave back some of the near-double digit gains achieved in the wake of Trump’s election win.

Copper miner Antofagasta (ANTO) was one of the biggest risers on the stock market as copper continued its rally. The metal gained 4% to $5,643 per tonne.

Barclays (BARC) traded 5.8% higher at 204p, as financial stocks gained on the prospects of higher interest rates and better interest rate margins.

Shares in Mediclinic (MDC) slumped after it reported that revenue growth in the Middle East is expected at the bottom end of expectations. This was blamed on the continued weak macro-economic environment and the delayed opening of Al Jowhara.

National Grid (NG.) disappointed investors as pre-tax profit fell from £1,371m in the six months to 30 September 2015 to £1,359m over the same period this year.

Private equity firm 3i (III) dipped 4.6% to 625p despite its NAV increasing from 463p on 31 March 2016 to 551p on 31 September.

West Texas Intermediate (WTI) crude oil slipped 0.2% to $45.19, while Brent crude oil advanced 0.6% to $46.64 per barrel, respectively.

Gold glittered at $1,283 per ounce.

FTSE 250 RISERS AND FALLERS

Construction trade supplier Grafton (GFTU) was on higher ground despite like-for-like revenue growth slowing to 2.4% in the four months to 31 October, compared to 4.2% growth in the preceding six months.

Superdry brand owner SuperGroup (SGP) advanced on a better-than-expected first half trading and strategy update. The firm shrugged off warm weather in August and September to deliver 12.8% growth in like-for-like sales, with wholesale revenues up nearly 44%.

Bicycles retailer Halfords (HFD) reversed 4% to 329.4p as interim results revealed a sharp drop in earnings, with margins impacted by the weaker pound, cycling product promotions and investments in long-term growth.

SMALL CAP RISERS AND FALLERS

A profit warning caused sausage skins maker Devro (DVO) to crash 18% to 185p. Amid muted sales in Latin America, Devro will invest in new products and manufacturing efficiencies to improve its competitive position.

Publisher Johnston Press (JPR) confused investors with a flaky outlook statement causing the stock to drop 5% to 13.19p.

Chief executive Ashley Highfield said the newspaper group should hit market expectations providing there is no ‘further deterioration’ in trading conditions.

Mobile Streams (MOS) crashed 28.6% to 9.82p after slumping from a profit of £0.83m to a loss before tax of £0.74m.

Wireless solutions developer Starcom (STAR) climbed 19.6% after Amerijet Airlines approved its Kylos Air GPS tracking device for Air Cargo,

Ophir’s (OPHR) subsidiary Ophir Holdings & Ventures signed a binding shareholders’ agreement to establish a joint operating company to develop the Fortuna project.

Wincanton (WIN) surged 9.5% to 203.9p as chief executive Adrian Colman flags falling net debt and rising profitability as an opportunity to invest further in growing the business.

Juicier profit margins helped the logistics specialist to a 19.2% gain in underlying operating profit, at £26.1m. Revenue declined slightly as Wincanton exits loss-making contracts.

Story provided by StockMarketWire.com