Rebounding mining stocks push FTSE higher

The end of the Marmite-gate scandal between Unilever (ULVR) and Tesco (TSCO) and rising mining stocks pushed the FTSE 100 0.9% higher to 7,041.

Supermarket chain Tesco (TSCO) gained over 3% to 201.2p, while Unilever dipped lower to £3,565.

UK construction output declined further than expected by 1.5% in August, according to the Office for National Statistics.

West Texas Intermediate (WTI) crude oil climbed over 1% to $51 and Brent crude oil rose 0.7% to $52.41 per barrel, respectively.

Copper and gold were flat at $4,673 per tonne and $1,253 per ounce, respectively.


Sub-prime lender Provident Financial (PFG) nudged lower to £3,031 as it warned that UK regulation remained a risk to its performance.


Asset manager Man Group (EMG) traded 13.2% higher at 123p on a $25m (£20m) acquisition of Aalto, a real estate equity and debt strategies specialist with $1.7bn of assets under management (AuM). AuM at Man increased $1.3 billion despite poor performance in its trend-following AHL strategies.

Investors were muted in their response to emerging markets-focused asset manager Ashmore (ASHM) after it reported third quarter AuM gained $2 billion.


Investors were feeling more comfortable at Independent Resources (IRG) after 10.7% shareholder Brandon Hill provided an unsecured loan of up to £340,000. Shares in the micro cap oil explorer surged 32.3% higher to 0.11p.

Graphene nanoplatelets producer Applied Graphene Materials (AGM) secured its first production order and commercial application, triggering a share price rise of 9.2%.

Grafenia (GRA) dropped 11% on a cautious trading update, which reported that August was trading lower compared to the year before. Trading improved in September, but needs to continually improve to meet market expectations.

Plastic products supplier Carclo (CAR) acquired Precision Tool & Moulding for $5.5m and reported solid trading in the six months to 30 September. The firm said it will raise £8m from institutional investors after a blow-out in the company’s pension deficit earlier this year forced a cancellation of its dividend.

Barbados-focused Elegant Hotels (EHG) fell 3.8% to 64.4p on a warning that bookings were hit by the Brexit vote. Approximately 70% of its customers come from the UK and the pound weakened against the Bajan dollar by 17% since the referendum, making holidays more expensive.

Shares in miner Diamondcorp (DCP) rose 3% despite consulting shareholders over a potential cash injection after talks broke down with a convertible equity provider. It warned the business may not be able to keep trading if it cannot raise new money.

Franchise Brands (FRAN) declined 4.8% to 59p on news finance director Andrew Mallows resigned, only weeks after the repair franchising firm’s August IPO. Story provided by