FTSE up on resources, pharmas after US, Asia gains

London stocks got off to a positive start with gains among blue-chip resources and pharmas providing direction in the wake of gains on Wall St and in Asia.

The spectres of Brexit, US elections and Deutsche Bank continued to play on traders sentiments.

Soon after the open, FTSE 100 was up 48.05 points, or 0.7%, to 6947.38, while FTSE 250 was up 107.32, or 0.6%, to 17,978.7. At 8.44am, WTI crude was down 0.56% to $47.97/bbl and Brent was down 0.38% to $50/bbl. Gold was up 0.11% to $1318.5/oz.

More than 70 blue chips were making progress. Pharmas were guided by Hikma (HIK), up 2.78%to 2074p, with Astrazeneca (AZN) ahead 1.37% to 5072.5p and Glaxosmithkline (GSK) advancing 1.29% to 1664.25p.

Among resources, oil titan Shell (RDSA) added 2.21% to 1956.25p, while miner Antofagasta (ANTO) rose 1.86% to 533.75p. Anglo American (AAL), up 1.72% to 984.25p, and BHP Billiton (BLT), rising 1.35% to 1178.25p, followed not far behind.

Also on the front foot were financials — among them insurers, banks and investment specialists. Consumer goods, house builders and several leisure stocks also gained. To the downside, BT Group (BT.A) led with a 1.25% taper to 384.2p.

Behind the teleco were multiple supermarkets trailing Marks & Spencer (MKS), down 0.97% to 327.9p, and Sainsbury (SBRY), lower 0.83% to 243.75p. Utilities were fading as well. Centrica (CNA) ebbed 0.77% to 226.45p, while United Utilities (UU.) dropped 0.67% to 996.25p.


Tethys Petroleum (TPL), up 33.33% to 2p, said Almaty City Court’s Board of Appeals has found in its favour by dismissing the previously announced appeal of the claimant and upholding an earlier court decision to lift the seizure order over the company’s assets.

Kodal Minerals (KOD), down 18% to 0.1p, has raised £750,000 via a placing of 720m new shares at 0.1p each and a subscription for 30m new shares at 0.1p each. Net proceeds would be used to launch an exploration programme at the Bougouni Lithium Project in Mali, in addition to funding working capital requirements.

European Metals Holdings (EMH), up 10.33% to 33.38p, has conditionally raised A$2.6m from its largest shareholder, Rare Earth Minerals (REM), via the issue of 5m shares at A$0.52 per CDI.


Yolo Leisure and Technology (YOLO), up 10.26% to 1.08p, said investee company TVPlayer Ltd has completed a £5m investment round led by A&E Networks, the US-based international TV content and channels network.

Stanley Gibbons (SGI), down 9.62% to 11.75p, has swung to a hefty FY pretax loss of £28.9m, from a year-earlier restated profit of £1.8m. Dividend was nil, from 5p a share. Net assets per share had sunk to 81.5p, from 143.2p.

Spectra Systems (SPSY), up 9.14% to 26.88p, said that, on Sept. 30, it executed a five-year contract with a G7 central bank customer, which will allow for the long-awaited manufacture in-house of authentication materials for this bank.

Horizonte Minerals (HZM), up 7.23% to 2.23p, has announced positive economic results from its new pre-feasibility study on its 100%-owned Araguaia project in Brazil. ITE Group (ITE), down 5.61% to 153.38p, said its overall performance in Q4 was broadly in line with management views.

Numis Corporation (NUM), up 4.4% to 228.63p, said revenue from its core activities has grown by 14% in the year to Sept. 30 to reach record levels, and is comfortably above £100m for the first time in the group’s history.

Seeing Machines (SEE), down 4.35% to 5.5p, has narrowed its FY pretax loss to A$1.6m, from a year-earlier loss of A$12.0m. London Finance & Investment Group (LFI), up 4.6% to 45.5p, said its net assets rose 22.6% to 61.4p a share in the year to end-June.

Shanta Gold (SHG), up 3.33% to 11.63p, announces high-grade intercepts at its Singida project in northern central Tanzania.

Genel Energy (GENL), up 3% to 98.88p, has noted the announcement from DNO ASA that the Tawke field partners have received a payment of $37.40m from the Kurdistan Regional Government for oil sales during July 2016.

Other stocks in the news included Egdon Resources (EDR), Victoria (VCP), James Halstead (JHD), Renew (RNWH), Assura (AGR), Circle Oil (COP), Versarien (VRS), Intertek (ITRK), Paragon (PAG), Minoan (MIN), Highbridge Multi-Strategy Fund (HMSF), Personal (PGH), Interserve (IRV), Plus500 (PLUS), LondonMetric Property (LMP) and Europa Oil & Gas (EOG).

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