The FTSE 100 gained 0.9% to 6,841 ahead of Philip Hammond’s first Autumn Statement tomorrow and following a rally in the pound on Monday.
Royal Bank of Scotland (RBS) and Standard Chartered (STAN) supported the positive momentum as they traded 3.5% and 2% higher, respectively.
West Texas Intermediate (WTI) crude oil rose 0.6% to $48.53 and Brent crude oil increased 0.7% to $49.26 per barrel, respectively.
Gold was flat at $1,209 and copper rallied 1.6% to $5,621 per tonne.
FTSE 250 RISERS AND FALLERS
Multi-utility reseller Telecom Plus (TEP) revealed adjusted pre-tax profits were up 11% to £25.1m. The profit improvement was due to a £4.2m recovery of smart meter costs.
BGEO (BGEO), the holding company of JSC Bank of Georgia, reported a 75% increase in third-quarter profit as a result of higher income in its banking and healthcare businesses. The stock traded 11% higher.
Flow control firm Rotork (ROR) was in positive territory on expectations that full year profit and revenue would benefit by 10% from a currency tailwind.
SMALL CAP RISERS AND FALLERS
Construction equipment group Lavendon (LVD) soared 37% to 190.6p on a takeover approach. The 205p maximum offer was turned down by management in pursuit of a higher offer.
Charles Taylor (CTR) agreed to acquire a closed book of international life assurance business from Zurich International Life and Allied Dunbar International fund managers from Zurich Insurance.
Insurance takeover specialist Chesnara (CSN) confirmed speculation that it hopes to seal a deal to buy British insurer Legal & General’s (LGEN) Dutch operations as talks were said to be at an advanced stage. Investors were unmoved by the deal, shares trading flat in both firms.
Half year results provided engineering group Severfield (SFR) with a share price boost of 10% to 68.5p. Underlying pre-tax profit jumped 69% on flat revenues.
Walkie talkies tech firm Sepura (SEPU) continued to concern investors as it plunged into the red at the half year stage. Net debt was another concern, even though it declined more than €25m to €89.2m.
A discounted £640,000 cash call by mining minnow URU Metals (URU) sparked a 18% share price collapse to 0.45p, which valued the business at little more than £1.5m.
The volatile pound and ongoing Brexit worries dragged car seller Cambria Automobiles (CAMB) down despite impressive full year results. The stock fell 7.7% due to the uncertainty over new car sales going forward.
Full year results from electronics kit manufacturer Solid State (SOLI) failed to impress investors as the share price fell 5.6%. It reported a £14.8m order pipeline but the market focused on a decline in revenue and earnings.
Shares in TomCo (TOM) slumped 14.4% after it failed to secure the finance for its Makarie palm oil project in Sierra Leone and decided to suspend the project.
Story provided by StockMarketWire.com