Source - SMW
The FTSE 100 had a bad start to the week as weakness in miners, healthcare and consumer stocks dragged on performance.

In the UK, the Institute of Directors revealed a sharp drop in business confidence and concern over political uncertainty, which added pressure on Prime Minister Theresa May who failed to gain a majority on Friday.

This resulted in a hung government and calls for May to resign after she lost seats in last week's election.

Fresnillo (FRES) ticked 1.7% lower to £16.95.

Medical device companies ConvaTec (CTEC) and Smith & Nephew (SN.) declined 1.9% and 0.9%, while British American Tobacco (BATS) and Nurofen owner Reckitt Benckiser (RB.) fell by up to 1%.

Oil bounced back from a drop last week as Brent crude oil gained 1% to $48.73 per barrel. 

Gold and copper were stable at $1,267 per ounce and $5,842 per tonne. 

Investors looked ahead to the interest rate decision by the Bank of England on Thursday.


Following the worst one-day share price performance for Apple in over a year, technology stocks fell out of favour with the market.

The tech sell-off weighed on Asian equities on Monday, with Hong Kong's Hang Seng suffering the biggest decline of 1.2% to 25,708.


In corporate news, Glencore (GLEN) proposed to acquire its rival Rio Tinto's (RIO) 100% interest in Coal & Allied Industries for $2.5bn in cash, with a royalty linked to coal prices. The news failed to impress investors as both stocks nudged up to 0.5% higher.


Acacia Mining (ACA) continued to struggle ahead of the Presidential Committee's findings in Tanzania. The government accused Acacia of operating illegally in the country by under-reporting the amount of gold it was exporting. It became the biggest mid-cap faller as the stock plummeted 9% to 273.1p.

Management services company Mitie (MTO) continued to bounce back from recent share price weakness. Despite ditching the dividend and stacking up an operating loss of £42.9m, the stock gained 9.9% to 271.3p as it signalled a return to 'modest growth'.

Engineer Weir's (WEIR) acquisition of Singapore firm KOP and expansion into Asia failed to impress investors as the stock retreated 2.5% to £18.53.


The biggest winner among the small caps was Great Western Mining (GWMO) as the stock rocketed by 68% to 0.6p. The exploration company reported its latest increase in mineral resources at the M2 copper-gold prospect in Nevada after a comprehensive review.

Elsewhere in the mining sector, Greatland Gold (GGP) applied for licences covering a large cobalt exploration property in the Pilbara region of northern Western Australia. The stock rose 11.9% to 0.7p.

Used cars were becoming more popular with drivers - a trend that Motorpoint (MOTR) took advantage of. Overall sales were up 12.7% to £822m in the year to the end of March 2017 thanks to year-on-year volume growth of over 7% in the used car market.

Sound Energy (SOU) nudged 1.5% lower to 66p on an update concerning drilling operations in Morocco and Italy, including re-entry into the Moroccan Koba-1 well. The chief executive, James Parsons, also works on reviving Echo Energy (ECHO) where he is chairman. Echo appointed Rockhopper (RKH) chief operating officer Fiona MacAuley as its new CEO.