London open: Stocks push higher on Clinton relief; HSBC rallies

Stocks in London rose in early trade as investors breathed a sigh of relief after the FBI cleared Democratic candidate Hillary Clinton of any wrongdoing over the weekend and following some well-received corporate releases.

At 0820 GMT, the FTSE 100 was up 1.3% to 6,780.10. Meanwhile, oil prices pushed higher, with West Texas Intermediate up 1.3% to $44.66 a barrel and Brent crude up 1.1% to $46.08.

The FBI said over the weekend that a fresh inquiry into Clinton’s communications found nothing to change the conclusion it had come to over the summer and that there had been no evidence of criminal wrongdoing after she used a private email server for government work.

Henry Croft, research analyst at Accendo Markets, said: “A positive open comes as Hillary Clinton is given the all clear from the FBI for a second time, Director Comey telling Congress the bureau has ‘not changed its conclusions’ reached in July based on fresh evidence.

“Polls are indicating Clinton pulling away slightly, although her lead remains well below the levels pre-FBI investigation. The election will be the driving force for markets before Wednesday morning, whilst in the meantime the final few third-quarter earnings releases are likely to take a back seat.”

In corporate news, HSBC gained ground as it said profits in the third quarter fell 86% compared to last year due to a disposal of its Brazilian bank, but underlying profits were higher in all four of its businesses.

Ryanair flew higher after the budget airline reported a rise in first-half profit as revenue and customer numbers grew despite difficult market conditions, and upped its long-term traffic forecast.

Informa was in the black after the business intelligence group said it was on track to meet full-year expectations.

Hammerson edged up after it exchanged contracts for the disposal of Westmorland Retail Park in Northumberland to Arch Commercial Enterprise for £36m.

Technology company Smiths Group ticked higher as it sold its IVF product to US-based multinational CooperSurgical for £140m.

FTSE 250 funeral services provider Dignity rose as its results for the 39 weeks ending 23 September came in slightly ahead of its expectations, driven by a higher number of deaths in the second and third quarters of the year, and the company said it expects results for the full year to be ahead of market views.

Hiscox advanced after reporting a 14.3% jump in gross written premiums for the first nine months of the year.

Inmarsat rallied after Barclays upgraded its stance on the satellite company to ‘equalweight’ from ‘underweight’.

Drinks company Fever-Tree fizzed higher after saying it expects its full-year results to be ahead of market views following a solid performance in the second half.

Market Movers

FTSE 100 (UKX) 6,795.30 1.52%
FTSE 250 (MCX) 17,472.63 1.17%
techMARK (TASX) 3,299.04 0.94%

FTSE 100 - Risers

HSBC Holdings (HSBA) 616.50p 3.65%
Antofagasta (ANTO) 550.50p 3.57%
BHP Billiton (BLT) 1,207.00p 3.52%
Glencore (GLEN) 245.70p 3.32%
Anglo American (AAL) 1,107.00p 3.31%
Standard Life (SL.) 340.70p 2.84%
Old Mutual (OML) 192.80p 2.83%
Rio Tinto (RIO) 2,803.00p 2.77%
Burberry Group (BRBY) 1,454.00p 2.76%
Ashtead Group (AHT) 1,247.00p 2.47%

FTSE 100 - Fallers

Randgold Resources Ltd. (RRS) 6,700.00p -1.33%
Fresnillo (FRES) 1,607.00p -1.11%
Associated British Foods (ABF) 2,470.00p 0.00%
London Stock Exchange Group (LSE) 2,707.00p 0.00%
Mediclinic International (MDC) 878.00p 0.00%
Bunzl (BNZL) 2,100.00p 0.00%
Provident Financial (PFG) 2,825.00p 0.00%
Hikma Pharmaceuticals (HIK) 1,631.00p 0.31%
AstraZeneca (AZN) 4,383.00p 0.34%
Imperial Brands (IMB) 3,838.00p 0.44%

FTSE 250 - Risers

Inmarsat (ISAT) 797.00p 3.84%
Evraz (EVR) 194.60p 3.57%
Henderson Group (HGG) 225.50p 3.20%
Indivior (INDV) 361.30p 3.08%
Vedanta Resources (VED) 736.00p 3.01%
Amec Foster Wheeler (AMFW) 426.10p 2.90%
Laird (LRD) 138.60p 2.82%
Galliford Try (GFRD) 1,251.00p 2.37%
Sports Direct International (SPD) 315.00p 2.34%
Polar Capital Technology Trust (PCT) 785.00p 2.28%

FTSE 250 - Fallers

Rank Group (RNK) 192.50p -2.28%
Hastings Group Holdings (HSTG) 212.80p -1.57%
Synthomer (SYNT) 340.10p -1.42%
Card Factory (CARD) 253.00p -1.17%
F&C Commercial Property Trust Ltd. (FCPT) 128.50p -1.08%
Centamin (DI) (CEY) 155.40p -0.96%
Jardine Lloyd Thompson Group (JLT) 1,024.40p -0.93%
IP Group (IPO) 143.80p -0.83%
Zoopla Property Group (ZPLA) 297.90p -0.70%
The Renewables Infrastructure Group Limited (TRIG) 105.70p -0.66%