FTSE climbs higher on weak pound ahead of historic summit
Source - SMW
Global markets enjoyed a strong performance ahead of a historic summit between US President Donald Trump and North Korean leader Kim Jong-un.
UK manufacturing output took an unexpected fall in April, declining 1.8% according to the Office for National Statistics.
This marked the largest decrease in manufacturing output since October 2012 and put pressure on sterling, which was good for the majority of blue-chip firm that generate earnings overseas.
The FTSE 100 rose 0.7% to 7,737.
Among the top performers were Evraz (EVR), British American Tobacco (BATS) and WPP (WPP).
Brent crude oil was up 0.4% at $76.75 per barrel and copper cheapened 1.2% to $3.25 per pound.
MID AND LARGE CAP RISERS AND FALLERS
Positive broker sentiment towards online grocer Ocado (OCDO) helped the shares accelerate 11.2% to £11.11.
Aircraft engine manufacturer Rolls Royce (RR.) reported more engine problems and said it would need to carry out further inspections, causing the shares to reverse 0.3% to 832.8p.
NMC Health (NMC) announced plans to create a new national healthcare company in Saudi Arabia via a joint venture with Hassana Investment. The news excited investors with the shares marked 3.8% higher at £35.66.
Pest control business Rentokil (RTO) benefited from a positive broker note from HSBC, supporting a 1% rise to 352.2p.
Car auction firm BCA Marketplace (BCA) revealed it had last month rejected a £1.6bn takeover approach from private equity group Apax at 200p per share. Investors seemed to be betting on a better offer in the near future, sparking a share price rally of 11.8% to 236p.
Old Mutual (OML) said it would price shares its soon-to-be demerger Quilter asset management business at between 125p and 155p each.
A strategy update from high street bank HSBC (HSBA) failed to impress the market as the shares advanced 0.2% to 731.6p.
SMALL CAP RISERS AND FALLERS
XLMedia (XLM) plummeted 30.4% to 119p on a profit warning due to regulatory issues in Australia and Europe.
Shares in KEFI Minerals (KEFI) soared 66% to 4.6p after reaching an agreement with an Ethiopian investment syndicate for the proposed acquisition of a 30% ownership interest in KEFI's subsidiary.
Greetings card manufacturer IG Design (IGR) beat full-year forecasts and hiked its dividend, sending the stock 3.2% higher to 450p.
Investing company Vela Technologies (VELA) rallied 17.9% to 0.5p on news that crypto-mining firm Argo Blockchain, it which it has a 1.9% stake, intends to float on the London stock market.
Stem cell services provider WideCells (WDC) confirmed commitments of £1.8m in a share placing, but warned it could stop operations if the money is not received by 29 June. The news wiped off over a quarter of WideCells' market value.