London stocks were began on the front foot with miners steamrolling ahead, supported by a cast of oil majors, banks and house builders, the latter gaining as UK house prices surged in September.
Soon after the open, FTSE 100 was up 76.94 points, or 1.15%, to 6787.22, and FTSE 250 rose 89.92, or 0.5%, to 17,941.8. At 8.35am, WTI crude was up 1.67% to $43.75/bbl and Brent was up 1.49% to $46.45/bbl. Gold was ahead 0.83% to $1321.1/oz. Wall St was lower and Asia was mostly firmer.
Miners were led up by BHP Billiton (BLT), rising 3.56% to 1021.25p, while Anglo American (AAL) added 3.52% to 843.1p and Fresnillo (FRES) gained 3.16% to 1667p. More followed, as did oilies after Shell (RDSA), up 2.18% to 1837.75p, and BP (BP.), ahead 2.05% to 429.03p.
Banks chased Standard Chartered (STAN), uo 2.49% to 622.2p, and HSBC (HSBA), up 2.09% to 578.55p. Rightmove said UK house prices added 0.7% in September, this heling house builders surge. Taylor Wimpey (TW.) rose 1.66% to 150.25p and Persimmon (PSN) gained 1.6% to 1776p.
Overall, 96 blue chips firmed, with almost 70 of these up by 1% or more. Most sectors were represented, but leisure stocks, utilities, commercial property, pharmas and supermarkets were in particular focus. To the downside, Capital (CPI) led with a 0.39% taper to 967.75p.
Clontarf (CLON), up 39.13% to 0.8p, and its partners have been offered revised Tano Basin acreage coordinates by Ghanaian officials, which have been accepted in principle.
Adgorithms (ADGO), down 34.62% to 17p, has reported H1 revenues of $8.7m, down from $12.3m last time. Its adjusted loss before interest, tax, depreciation and amortisation was $2.7m, versus adjusted earnings of $2.6m a year ago.
WH Ireland (WHI), up 21.29% to 122.5p, notes press speculation and said it is aware that Kuwaiti European Holdings is looking to acquire a shareholding in the company.
Watchstone (WTG), down 16.61% to 180.13p, notes the announcement by Slater and Gordon Ltd advising it and/or Slater and Gordon (UK) 1 Ltd (together, SGH) intend to bring a claim against the company arising from SGH UK’s purchase of the company’s professional services division in May 2015. It also issued amendments to its interim results.
Karelian Diamond Resources (*KDR), up 14.29% to 0.8p, has outlined a series of high-interest geophysical and kimberlite indicator mineral anomalies in the immediate area of its Lahtojoki property over which, in June, Karelian received a Diamond Mining Permit. These anomalies suggest the presence of further diamondiferous resource potential in this area.
Stride Gaming (STR), up 12.99% to 274p, has reported that H2 trading has been very strong. As a result, the board now expects its results to be ahead of market expectations. Ascent Resources (AST), up 6.12% to 1.3p, has posted an H1 pretax loss of £1.3m, down from £2.7m last time.
Maintel (MAI), down 12.61% to 987.5p, has swung to an H1 pretax loss of £696m, from a profit of £2.1m. Revenue was £38.1m, from £24.8m. Administrative expenses totalled £13.6m, from £7.2m.
Redx Pharma (REDX), up 10.77% to 36p, said its lead cancer treatment, the Porcupine inhibitor (RXC004), has a potential role in cancer immunotherapy. Avarae Global Coins (AVR), down 9% to 11.38p, has posted a FY loss and saiod it would seek shareholder approval to delist from AIM.
Metminco Ltd (MNC), down 6.45% to 0.15p, said a total of 422.2m new shares have been placed at a price of A$0.00237 to raise about A$1.0m. Funds would go to completing a feasibility study of its Miraflores Project and for working capital.
Sound Energy (SOU), up 4.64% to 95.75p, said the second Tendrara well has now been drilled to the third and final casing point at a measured depth of 2623m and that operations have started to set and cement the 7-inch liner in the TAGI-I shale formation.
7digital Group (7DIG), down 3.92% to 6.13p, has confirmed a contract with grandPad, a provider of technology solutions specifically designed for senior citizens. It also said its statutory loss for H1 was £3.2m, from a loss of £6.6m.
Other stocks in the news included Finsbury Food (FIF), Dairy Crest (DCG), Revolymer (REVO), DP Poland (DPP), Mitie (MTE), Gateley (GTLY), Ilika (IKA), Lombard Risk Management (LRM), Real Good Food (RGD), Defenx (DFX), Segro (SGRO), LSL Property (LSL), StatPro (SOG), Caledonian Trust (CNN), Workspace (WKP), Instem (INS), Paragon Entertainment (PEL) and HgCapital (HGT).
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