UK stocks opened higher on Tuesday, led by a rally in mining stocks spurred by China stimulus hopes. At 0851, the benchmark FTSE 100 index was up 35.44 points, or 0.5%, at 7.410.98. Antofagasta, Rio Tinto and BHP led blue-chip miners higher, with gains of 3.4%, 2.7% and 2.4%, respectively. Fashion retailer Ted Baker plunged 24% as it warned on profits amid 'extremely difficult' trading conditions that shrunk sales growth rates. Online fashion retailer Quiz dropped 8.1% after it booked a 97% drop in annual profit and suspended its dividend, as heavy discounting and investment spending took a toll on margins. Supermarket chain J Sainsbury pushed 0.1% higher as it appointed former RBS executive Jim Brown to head up its banking division. Over 50's services group Saga gained 3.6% after it would partner with Goldman Sachs unit Marcus to offer savings products. Catering company Compass rose 0.3% on news that it had agreed to acquire Sweden's Fazer Food Services for an enterprise value of €475m (£424m). Bellway Homes reversed 0.3% as the market reacted tepidly to a 4.7% rise in its sales reservation rate in its financial year to date. Fellow house builder Crest Nicholson added 0.2%, despite its first-half profit falling 11%, as the company also stuck to its full-year guidance. Hazard detection technology company Halma gained 1.3% after it grew its annual profit by a fifth. Medical technology company Smith & Nephew tracked sideways on annoucning that it had agreed to acquire Switzerland-based provider of optical tracking technology Atracsys Sarl, for an undisclosed sum. Auto retailer Motorpoint added 1.9% after it reported a 13% rise in annual profit driven by increased sales across its existing sites, though margins contracted in the second half. Packaging company Mpac firmed 3.9% thanks it reducing the size of a legacy pension deficit.
Sign up to our
Subscribe to the latest investing news by entering your email address below
You can opt out at any time.
For five days a week you will get
- The latest company news
- Insight into investment trends
- Round-up of director's buys and sells
- Articles from Shares magazine
Plus more useful investment content and occasional promotional offers.
UK 350 Risers and Fallers
Tweets not available.