Miners and oil majors lift FTSE 100 amid lower volatility
Source - SMW
The FTSE 100 continued its strong run supported by the positive momentum among miners and oil majors.
Miners were led higher by Rio Tinto (RIO), up 2.8% at £38.95 and Glencore (GLEN) rose 1.6% to 366.7p.
Oil prices bounced back from falls last week, helping to lift shares in Royal Dutch Shell (RDSB) and BP (BP.) by up to 2.3%.
Brent crude oil advanced 0.6% to $63.18 per barrel. Gold gained 0.9% to $1,325 per ounce and copper jumped 1.4% to $3.07 per pound.
The recovery continued in the US with the S&P 500 trading 0.8% higher at 2,641 around 4:45pm UK time ahead of inflation figures expected on Wednesday.
MID AND LARGE CAP RISERS AND FALLERS
Game Digital (GMD) announced a deal with sportswear specialist Sports Direct (SPD) to roll out more of its physical arenas under its BELONG brand, helping the shares level up 7.9% to 41p. Sports Direct was flat at 354.6p.
Acacia Mining (ACA) disappointed investors by getting rid of its final dividend for 2017 following an earnings hit. The miner said this was due to a ban on unprocessed mineral exports in Tanzania, the shares fell 5.5% to 162.4p.
Investors overlooked bad news from Barclays (BARC), which was resilient at 193.3p. The high street bank said it faces charges from the Serious Fraud Office in relation to a $3bn loan to Qatar in 2008.
Wood Group (WG.) was up 0.7% at 609.6p after winning a multi-million dollar five year contract to support Saudi Aramco's delivery of the Marjan oil field in Saudi Arabia.
Over-50s insurance specialist Saga (SAGA) reported a new quota share deal with NewRe and Hannover Re to take on 80% of the motor underwriting risk of its in-house underwriter AICL. The stock was up 3.7% at 115.9p.
SMALL CAP RISERS AND FALLERS
UP Global Sourcing (UPGS) plummeted 47.5% to 32p following yet another profit warning. The consumer products distributor warned full year underlying earnings will be between £6m and £7m, significantly lower than the forecast £9.2m due to tough market conditions.
On AIM, Lok'nStore (LOK) revealed robust half year trading as like-for-like sales grew 6.9% in the self-storage division. The stock strengthened 5.2% to 392p.
Oil and gas explorer Frontera Resources (FRR) was down 15.4% at 0.4p as investors reacted to the dilution implied by a £2.5m fundraise.
Women's fashion brand Sosandar (SOS) was in the spotlight after beating expectations thanks to huge demand, leading to 'large waiting lists.' Shares in the company advanced 6% to 16.7p.