Mid caps continue to take the lead following yesterday’s rally. The FTSE 250 index rises 1% to 16,866 as the market warms to news that Theresa May will become Prime Minister. She is seen as a safe pair of hands to guide the country through difficult times.

Online clothing retailer ASOS (ASC:AIM) jumps 4.7% to £45.04 on an impressive trading update. Total retail sales were up 30% in the four months to 30 June, although margins fall due to cutting prices.

Housebuilder Galliford Try (GFRD) says it is well placed to manage the impact of Brexit-related market uncertainty as it reports another recover year with growth across its entire business. The market likes the upbeat tone, sending the shares up 5.6% to 931.5p.

Finance and professional services recruiter PageGroup (PAGE) delivers a 3.7% gain in net fee income in the second quarter of 2016, helping shares 2.2% higher at 317p. Performance in the UK was also creditable given a hiring freeze and uncertainty over jobs in London, posting a 2.3% NFI decline.

FTSE 100 member Shire (SHP) advances 4.1% to £50.15 after getting approval from the regulator to sell its dry eye disease treatment drug Xiidra in the US.

Oil producer Premier Oil (PMO) gains 5.8% to 73p as it reports record output upwards of 80,000 barrels of oil equivalent per day and says it expects to generate free cash flow at current oil prices from later this year.

A good full year trading update drives a 3.9% rise in Dechra Pharmaceuticals (DPH) to £12.39. The FTSE 250 stock says growth opportunities shouldn’t be affected by ‘current market volatility and uncertainty’. N+1 Singer says the news ‘supports the notion of Dechra as another safe haven, particularly given the global nature of activities and increasing US exposure.’

A trading and operational tailwind helps to lift Somero Enterprise (SOM:AIM) by 4.4% to 165.5p. The small cap engineer and running Shares Play of the Week says it expects to report full year results for 2016 ahead of market expectations. FinnCap upgrades its pre-tax profit forecast from $18.9 million to $20.3 million.

A profit warning at micro cap lender Orchard Funding (ORCH:AIM) sends shares 22.4% lower to 85p. Chief executive Ravi Takhar says slow progress on appointing new sales executives mean profit will be lower than expectations in the full year to 31 July 2016.

Corporate insolvency adviser Begbies Treynor (BEG:AIM) falls 11% after similar gains on Friday and Monday to 48p as it flags weaker market activity in its final results for the year to 30 April. Pre-tax profit improved to £600,000 from a loss in 2015 and revenue gained 10% to £50.1 million helped by a full-year contribution from property auction division Eddisons, a unit acquired in December 2014.

Kolar Gold (KGLD:AIM) drops 15.9% to 1.32p on a discounted £900,000 placing. The money will be used to look for mining opportunities in India. Mining investor Metal Tiger (MTR:AIM) is taking a 9.4% stake in the business and its founder Cameron Parry will become the new boss of Kolar.

Small cap food and farming supplier Benchmark Holdings (BMK:AIM) wins a new contract to supply genetically modified Salmon eggs to Norway’s Lerøy, one of the world’s largest salmon producers. Shares gain 10% to 55p.

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Issue Date: 12 Jul 2016