London open: Stocks push higher as investors sift through corporate news

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London open: Stocks push higher as investors sift through corporate news

Tue, 25 July 2017
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London open: Stocks push higher as investors sift through corporate news

(ShareCast News) - London stocks pushed higher in early trade on Tuesday as investors sifted through some corporate news and looked ahead to the start of the Federal Reserve's two-day policy meeting.
At 0830 BST, the FTSE 100 was up 0,.5% to 7,413.63 while the pound was down 0.1% against the euro and the dollar at 1.1178 and 1.3022, respectively.

Spreadex analyst Connor Campbell said: "Like on Monday there isn't too much for the index to be dealing with this Tuesday - that all changes tomorrow, however, with the back end of the week bringing one of the busiest corporate calendars of the year (so busy, in fact, that nearly a quarter of the FTSE is reporting). In other words, the FTSE may want to enjoy the day's relatively uncomplicated trading while it lasts."

On the data front, the CBI industrial trends survey is at 1100 BST.

In corporate news, Rio Tinto was in the black as the Serious Fraud Office launched a corruption probe into the company's activities in Guinea.

Anglo American rallied as it said Kumba Iron Ore, in which it holds a majority stake, reported headline earnings of ZAR4.6bn (£272.58m) for the six months to the end of June.

Luxury accessories brand Jimmy Choo surged as it agreed to be bought by Michael Kors for £896m, while Segro advanced after posting a 5.4% rise in first-half net asset value per share and a 23% jump in adjusted pre-tax profit.

Informa racked up strong gains as it said pre-tax profit rose to £148.8m from £98.9m as first-half revenue increased 41.3% on strong trading in its global exhibitions division.

Polymetal edged up after saying second-quarter revenue increased 26%, while PZ Cussons gained as its full-year pre-tax profit rose.

Going the other way, sub-prime lender Provident Financial retreated after it maintained its dividend despite reporting a 46% fall in statutory first-half profits, which it blamed entirely on the disruption from reorganising its home credit business to a self-employed model.

Croda was on the back foot despite reporting that half-year pre-tax profits at the speciality chemical company rose 15.8% to £168m boosted by currency tailwinds as sales increased 16.2% to £707.3m.

Virgin Money slumped after posting a 32% jump in first-half profit but sounding a cautious note over "areas of weakness" in the UK housing market.

Wealth manager Rathbone Brothers slipped despite reporting a rise in profit for the first half, while Spectris was under pressure after its half-year results.

Domino's Pizza shares weren't looking so tasty despite the company posting an increase in first-half pre-tax profit, while Acacia Mining was having a rough time again, down 11% after being slapped with a huge Tanzanian tax bill.

Market Movers

FTSE 100 (UKX) 7,413.63 0.49%
FTSE 250 (MCX) 19,679.27 0.32%
techMARK (TASX) 3,518.71 0.17%

FTSE 100 - Risers

Informa (INF) 722.00p 6.81%
SEGRO (SGRO) 525.00p 3.96%
Anglo American (AAL) 1,148.50p 3.85%
Antofagasta (ANTO) 905.50p 2.15%
Glencore (GLEN) 318.55p 1.92%
BHP Billiton (BLT) 1,310.00p 1.67%
Tesco (TSCO) 174.90p 1.39%
Rio Tinto (RIO) 3,371.00p 1.37%
ITV (ITV) 177.40p 1.37%
Barclays (BARC) 207.85p 1.36%

FTSE 100 - Fallers

Croda International (CRDA) 3,733.00p -2.75%
British American Tobacco (BATS) 5,321.00p -1.70%
Morrison (Wm) Supermarkets (MRW) 245.10p -0.61%
Reckitt Benckiser Group (RB.) 7,582.00p -0.51%
Hammerson (HMSO) 588.50p -0.25%
GKN (GKN) 326.80p -0.15%
British Land Company (BLND) 613.50p -0.00%
Rolls-Royce Holdings (RR.) 925.50p 0.00%
Diageo (DGE) 2,247.00p 0.04%
Marks & Spencer Group (MKS) 325.30p 0.06%

FTSE 250 - Risers

Kaz Minerals (KAZ) 666.00p 3.62%
Victrex plc (VCT) 1,970.00p 3.47%
Vedanta Resources (VED) 730.00p 2.67%
Ultra Electronics Holdings (ULE) 2,092.00p 2.10%
Hastings Group Holdings (HSTG) 311.00p 1.96%
Thomas Cook Group (TCG) 101.50p 1.86%
Howden Joinery Group (HWDN) 429.10p 1.75%
Intu Properties (INTU) 280.10p 1.75%
Inmarsat (ISAT) 789.50p 1.67%
SIG (SHI) 162.00p 1.45%

FTSE 250 - Fallers

Acacia Mining (ACA) 163.90p -11.17%
Virgin Money Holdings (UK) (VM.) 281.90p -9.17%
Domino's Pizza Group (DOM) 263.60p -3.94%
Millennium & Copthorne Hotels (MLC) 458.00p -3.29%
Carillion (CLLN) 61.55p -2.84%
McCarthy & Stone (MCS) 174.00p -2.79%
Spectris (SXS) 2,545.00p -2.66%
Spire Healthcare Group (SPI) 339.10p -2.64%
FDM Group (Holdings) (FDM) 769.00p -2.41%
Sirius Minerals (SXX) 30.27p -2.41%