Source - SMW
FTSE sinks on banking blues

The FTSE 100 was dragged into negative territory by banking stocks on news that Deutsche Bank faces a $14 billion fine in the US.

Royal Bank of Scotland (RBS) was the biggest faller, trading 4.7% lower, while Standard Chartered (STAN) and Barclays (BARC) fell 2.3% and 2.4%, respectively.


Insurance services provider Phoenix (PHNX) confirmed it is evaluating a possible acquisition of Abbey Life Assurance.


Gable (GAH) rose 12.5% to 2.25p on confirmation that it will not delist from the AIM market.

Levrett (LVRT) signed a non-binding letter of intent to acquire pharmaceutical firm Nuformix.

Acacia Mining (ACA) was one of the biggest fallers on the London Stock Exchange after being unable to run the processing plant at Bulyanhulu consistently following a planned two-week shutdown of the vertical shaft.

UK bowling operator Hollywood Bowl revealed the offer price for its upcoming IPO at 160p, which implied a £240 million market cap when it joins the Main Market.

Kibo Mining (KIBO) signed a Memorandum of Understanding with General Electric concerning the development of the Mbeya Coal to Power project, pushing the shares 12.1% higher.

Distribution and aviation services outfit John Menzies (MNZS) was up 3.7% after announcing a £75 million rights issue to fund the purchase of commercial airline services provider ASIG from BBA Aviation for $202 million. Shares in BBA rose 1.5%.

Software firm Intercede (IGP) plummeted 38% to 56.7p after a profit warning due to delays in orders for its credential management system MyID.

Animal drug company Eco Animal Health (EAH) climbed 18.9% to 523p on significantly higher year-on-year sales in the first five months of its financial year and signalled a currency tailwind from sterling weakness.

News that cancer-focused therapy developer Scancell (SCLP) needed to raise cash to take its three pipeline treatments through clinical studies sent the stock lower.

Solo Oil (SOLO) raised £2 million through the issue of over one billion shares in a company sponsored placement to a single institutional investor Epsilon, which will be used to fund the firm's share of the Ntorya-2 well in Tanzania.