Banks and miners help to lift FTSE at start of new trading week
Source - SMW
The FTSE 100 has enjoyed a positive start to the new trading week, rising 31 points to 7,495 amid notable gains in the banking and mining sectors. Among the financial stocks, Royal Bank of Scotland (RBS) was up 1.6% to 253.7p just after 1pm on Monday 19 June, closely followed by a 1.3% gain in Barclays (BARC) to 205.98p.
Anglo American (AAL) was the best performing miner, rising 1.7% to 983.55p. In overseas markets, the Nikkei 225 index in Japan ended the day 0.6% higher at 20,067.75. The SSE Composite in China also saw positive gains, closing the trading day 21 points higher at 3,144.37.
LARGE AND MID CAP MOVERS Ocado (OCDO) jumped 9.4% to 301.7p as analysts speculated that its services as a delivery partner would be in greater demand following the £13.7bn acquisition of retailer Whole Foods by Amazon, as supermarkets find ways to cope with growing competition.
FTSE 250 oil producer Cairn Energy (CNE) fell 3.9% to 180.3p after updating on a tax dispute with the Indian authorities. Cairn claimed it was owed as much as $104m and the matter is now set to go independent arbitration at The Hague.
SMALL CAP MOVERS Women's discount fashion shop Bonmarche (BON) said underlying full year pre-tax profit fell 40% to £6.3m. The shares retreated by a relatively modest 0.4% to 96.1p, shored up by a maintained dividend and in-line guidance on current trading.
Biotech firm ReNeuron (RENE) gained 15.1% to 2.1p as US regulators approved a cryopreserved formulation of the company's cell therapy for degenerative diseases in the retina. The Food & Drug Administration approval means its human retinal progenitor cells (hRPC) could be frozen for shipping and storage purposes and then thawed at the point of use.
Baseball agent and sports marketing business TLA Worldwide (TLA) slumped 17% to 19.5p as it raised the damage from accounting issues in its 2016 results from a range of $1.5m to $2.5m up to $3.6m.
Indian unconventional gas specialist Oilex (OEX) jumped 25.7% to 0.22p as it announced the receipt of $1.41m from outstanding cash calls due from joint venture partners on its Cambay project. The outstanding balance is $5.68m.
Mining outfit Xtract Resources (XTR) was up 10.7% to 0.02p after it signed an agreement with two contract miners in Mozambique for the extraction of alluvial gold from a portion of its Manica mining concession. Once on-stream, Xtract expects monthly revenue from this arrangement of $165,000.