OPEC hopes prompts oil rally

The FTSE 100 gained 0.2% after oil prices continued to rally during the OPEC meeting, which outweighed weakness in banking and mining stocks.

West Texas Intermediate and Brent crude oil both rose 7.7% to $48.74 and $49.98 per barrel, respectively.

Gold slipped 1.2% to $1,173 per ounce and copper increased 1.2% to $5,798 per tonne.


State-owned banking group Royal Bank of Scotland (RBS) fell 1.4% to 194.3p as it emerged as the main loser in the latest Bank of England stress test. The company said it needs to raise at least £2bn of extra capital.

Shares in Barclays (BARC) and Standard Chartered (STAN) were flat as the results revealed some ‘inadequacies’ but not sufficient enough to require strengthening their balance sheets.

Lloyds (LLOY) was also stable as it ‘comfortably exceeded the higher capital and leverage thresholds’.

Full year numbers from software firm Sage (SGE) revealed that revenue climbed 6.1% in the September 2016 financial year. The dividend was hiked by 8% to 14.15p and the firm said it will target further organic revenue growth, but this failed to impress the market.


Plastic packaging business RPC (RPC) jumped 7.5% on a 66% year-on-year increase in first half pre-tax profit. It also boasted over 100% advance in free cash flow, which supported a dividend hike.

Investors were eager to invest in online property portal Zoopla (ZPLA) following an 84% increase in full year revenue to £197.7m. It also announced the acquisition of estate agency website design business Technicweb.

Soft drinks business Britvic (BVIC) fizzed 4.3% after posting an 8.4% increase in full year earnings as a result of Brazilian expansion and improved UK sales.

Investors overlooked lower pre-tax profit at Brewin Dolphin (BRW) as the stockbroker reiterated that its business is financially strong. Statutory pre-tax profit declined from £61m to £50.1m.


Mobile radio communications firm Hytera said it was in talks over a possible offer for mobile radio products manufacturer Sepura (SEPU).

Bushveld Minerals (BMN) announced the Competition Commission of South Africa completed its investigation and unconditionally approved its acquisition of Strategic Minerals, prompting a share price rise of 16%.

Mineral explorer Bezant (BZT) announced that initial gold and platinum was recovered using its exploration processing plant on site at the FKJ 083 licence area in Columbia. The stock catapulted 58% to 2.5p.

Trans-Siberian Gold (TSG) surprised investors by offering to pay a special dividend, amounting to $5.5m, prompting its stock to gain 9%.

Shares in gaming tech firm Playtech (PTEC) struggled after major shareholder Brickington Trading sold 12% of its stake.

Anglesey Mining (AYM) raised approximately £310,000 to development its Parys Mountain zinc-copper-lead deposit in North Wales.

Story provided by StockMarketWire.com