Source - SMW
Shares in the banking and insurance sector started to recover from earlier falls, but kept the FTSE 100 in negative territory. The market was concerned about the health of Deutsche Bank and potential implications for the European banking industry if it went bust.

The blue chip index closed 0.3% lower at 6,899.

Lloyds (LLOY) and Prudential (PRU) fell 2.4% and 2.2% respectively.

West Texas Intermediate (WTI) crude oil was up 0.3% to $48, while Brent crude oil slid 0.5% to $49 per barrel, respectively.

Gold was stable at $1,321 per ounce and copper climbed 1% to $4,850 per tonne.    MAIN NEWS OF THE DAY

Royal Bank of Scotland (RBS) unveiled proposals to regroup its businesses and separate its essential banking services from investment banking to comply with UK ring-fencing legislation.

Capita (CPI) continued yesterday's profit warning-induced downwards trend with another 4% drop in its share price to 670p.

US consumer sentiment improved, according to the University of Michigan's September survey, which rose to 91.2 versus 89.8 in August.

Xcite Energy (XEL) shot up 63.3% to 1.96p after it detailed restructuring plans whereby bondholders get 98.5% of the company, if approved by shareholders.

MID CAP RISERS AND FALLERS

TV show maker Entertainment One (ETO) gained 6.2% as the value of its library of content was hiked by 50% to $1.5bn according to an independent assessment. It also said full-year results would be in line with management expectations.

Defence technology company QinetiQ (QQ.) secured a £109m, 11-year contract extension with the UK Ministry of Defence, which will cover Royal Navy mission systems and infrastructure through work at the Portsdown Technology Park in Portsmouth.

SMALL CAP RISERS AND FALLERS

Speedy Hire (SDY) accelerated 5.9% to 35.75p on a positive trading update, which revealed that pre-tax profit would be ahead of the first half of the year due to job cuts.

Investors jumped ship following public safety wireless specialist Vislink's (VLK) warning it expected to breach its banking covenants. Directors said the firm's survival could not be taken for granted. Shares in the firm crashed 43% to 9.13p.

Asset manager Charlemagne Capital (CCAP) said it agreed to a takeover by Fiera Capital, causing the company to trade 13.6% higher at 13.6p.

Investors were disappointed with Lead All Investments' (LEAL) decision to consider investing in the wine sector, triggering a drop of 18.2%.

Ingredient solutions provider Treatt (TET) sweetened 10.8% following an upbeat trading statement that revealed pre-tax profit for the year to 30 September would beat expectations.

Sigma Capital (SGM) said delays in self-funded PRS activities meant management expectations would have to be materially rebased for the near term. Its shares crashed 13.2% to 72.5p.

Drone specialist Aero Strat (AERO) disappointed the market as revenues from inspection, survey and consultancy services remained below expectations due to slower adoption of UAV solutions by larger customers.

Engineering and technology provider China New Energy (CNEL) sparked 10% to 1.65p on a 70% hike in half year revenue and increased gross profit.

Biotech Life Science Developments (LIFE) climbed 17.6% to 2.5p on well-received half year results.

Independent Oil & Gas (IOG) plummeted 39.1% to 16.75p as its loss after tax widened and the firm secured additional loans to finance asset acquisitions.  

Associated British Engineering (ASBE) shot up 20% to 60p on expectations that overall sales in 2016-17 would recover to better levels and a reduction in losses to manageable proportions.


Related Charts

Capita Group (The) (CPI)

-1.25p (-0.23%)
delayed 10:18AM

Entertainment One Group (ETO)

-1.85p (-0.85%)
delayed 10:17AM

QinetiQ Group (QQ.)

+3.90p (+1.57%)
delayed 10:18AM

Royal Bank of Scotland Group (The) (RBS)

+7.45p (+3.56%)
delayed 10:18AM

Xcite Energy (XEL)

0.00 (0.00%)
delayed 18:15PM