The UK stock market opens cautiously higher in early trade on Wednesday with financials and housebuilders leading the early northbound charge. With less than 24 hours before voting on whether the UK should stay or exit the European Union, latest polls suggest the results is too close to call, keeping investors on the fence.

The FTSE 100 index nudges around 10 points higher to 6,236, although midcaps go the other way, perhaps perceived as more sensitive to tomorrow's poll.

Federal Reserve Chair Janet Yellen remains cautious on policy tightening as she provided testimony to the US Senate Banking Committee overnight.

Fed Stimulus

In corporate news, department store Debenhams (DEB) dips 4.65% to 70.8p as investors frown upon a 0.2% drop in like-for-like sales for the third quarter to 11 June. Analysts nudge down estimates on news full-year gross margins will now be flat rather than modestly up amid tougher clothing market conditions. We'll look at the update in more detail here shortly.

Specialty chemicals company Elementis (ELM) crashes 8.5% to 206.9p as the group issues a profit warning ahead of its interim results on slower chromium sales.

Tanzanian gas producer Wentworth Resources (WRL:AIM) is down 7.3% to 25.5p as it reveals a dispute between the state owned energy firm and power generation company Symbion have led to a reduction in gas sales to 50 million cubic feet per day (mmcfpd), the company is still guiding to 70 to 80 mmcfpd for 2016 as a whole.

Ireland focused oil and gas play Landsdowne Oil & Gas (LOGP:AIM) falls 35.3% to 1.38p following the completion of a £2.1 million placing at 1p.

Self-storage group Safestore (SAFE) moves 3.4% higher to 401.4p on plans to buy rival firm Space Maker for an initial £43 million by 29 July. Investec lifted its earnings per share (EPS) forecasts by 2% for the year to 31 October 2016 and by 5% for the following 12 months due to the deal being earnings accretive on completion.

Safestore Holdings plc - Preliminary Results January 2015

Testing kit-maker Immunodiagnostic Systems (IDH:AIM) falls 3.8% to 125p as it chalks-up a £37 million loss in the 12 months to 31 March, compared to a £4 million pre-tax profit a year earlier. Falling sales, write-downs and exchange rates have been blamed.

Scalextric and Airfix maker Hornby (HRN:AIM) falls 0.8% to 31.8p after it swings to an underlying pre-tax loss of £5.7 million in the year to 31 March, with revenue down 4% to £55.8 million. The group is seeking to raise £8 million through a share placing to strengthen its balance sheet and fund its restructuring, which includes reducing the number of product lines by 40%.

Issue Date: 22 Jun 2016