Investors panic ahead of OPEC meeting

The blue chip index continued to struggle as investor jitters over the fate of a production cut by OPEC saw oil prices fall more than 3.5%, dragging down Royal Dutch Shell (RDSB) and other oil-related stocks.

The FTSE 100 fell by 0.4% to 6,772.

Gold retreated 0.3% to $1,186 per ounce and copper slumped 2.6% to $5,710 per tonne.


Investment company BH Macro (BHMG) announced a tender offer to buy back its shares and liquidate the firm if its shareholders agree.

Airports food and drink seller SSP (SSPG) fattened 8.5% to 371p on tasty full year results, which revealed good like-for-like sales growth and improved operating margins. It also announced an encouraging pipeline of new contracts to pursue.


TP Group (TPG) won a contract with BAE Systems Marine for £5.3m, which will be delivered over the next two years. The contract triggered a share price jump of 23% to 5.39p.

The market showed relief that metals extractor Berkley Mineral Resources (BMR) formally withdrew its offer for Metal Tiger (MTR).

Oil and gas exploration company (NTOG) acquired an 80% working interest in specific oil and gas interests, which comprised the Pine Mills field and associated assets in Texas. Shares soared by 46.7% to 1.98p.

Shares in Mosman Oil& Gas (MSMN) crashed 36% as the vendor of Buccaneer Operating and the 80% interest in Pine Mill would not complete the acquisition due to shareholder privilege.

The market was frustrated about the lack of data on the VOBM#3 well from Pantheon Resources (PANR). The exploration firm said it was impossible to make an accurate prediction of the well’s potential at such an early stage. The stock declined 20.9% to 72p.

Vehicle retailer Motorpoint (MOTR) reversed 6.7% to 125p on disappointing interims, which it blamed on uncertainty around the EU referendum result. Motorpoint said it will spend more than previously planned on marketing to support new sites and declared a maiden interim dividend of 1.33p.

Investors were underwhelmed with events company group ITE’s (ITE) final results as it reflected challenging conditions in the oil-dependent economies of Russia and Central Asia, as well as a cautious outlook statement.

Sierra Rutile (SRX) was informed with Iluka of geographical risks at two dams under Sierra’s operations. These risks were seen as unsatisfactory under the merger agreement between the two companies. Investors were upset that that Iluka indicated it will not close the merger today.

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