UK stocks opened higher on Monday after Donald Trump called off proposed tariffs on Mexican goods. At 0832, the benchmark FTSE 100 index was up 44.72 points, or 0.6%, at 7.376.66. Struggling travel company Thomas Cook jumped 19% after it confirmed media speculation that it was in discussions with its largest shareholder, Fosun International, regarding a potential sale of its tour operator business. Plumbing and heating products group Ferguson fell 3.4%, despite it announcing a $500m share buyback programme, as a 6% rise in first-quarter revenue missed market expectations. Bonding solutions supplier Scapa gained 9.1% on news that chief executive Heejae Chae had agreed to retract his intention to stand down. Chae would stay to 'execute against the current strategy' as the company attempts to deal with the loss of key client ConvaTec. Investment company HgCapital Trust fell 0.9% as it detailed plans to raise up to approximately £80m through a placing at 217.1p a share. Premium drinks brands owner Distil dropped 4.7% after higher spending offset a rise in sales to limit it to a modest rise in annual profit. Aviation services company John Menzies added 1.3% on winning a long-term ground handling contact from EasyJet at the budget airline's home base at London Luton Airport. Woodford Patient Capital Trust dropped 4.3%, despite attempting to reassure investors that the operational performances of its portfolio companies were not impacted by investment manager Woodford Investment Management recent woes. Clinical stage biotechnology company ValiRx slumped 21% on announcing that it was poised terminate a proposed issue of shares in the company to European High Growth Opportunities. ValiRx said it was 'carefully managing' its working capital. Video game developer Codemasters swung to a profit in its maiden set of results as revenue rose 12%, boosted by improved digital sales growth. Its shares, however, were flat.
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