UK stocks rallied during the afternoon session finishing the day slightly positive, up 0.1% to 6,043 points, helped by a positive opening for stocks in the US.

Markets were anticipating more stimulus measures when central bankers meet virtually at Jackson Hole tomorrow. Meanwhile a report from the Commerce Department on Wednesday showed an uneven recovery in investment as spending moved away from equipment used in service industries such as restaurants and bars to purchases of goods like home electronics.

Subprime lender Provident Financial (PFG) rallied 20.8% to 236p despite swinging to a first-half loss and scrapping its interim dividend, as its revenue fell and impairment charges grew amid the Covid-19 pandemic.

Provident, however, said it had nevertheless performed better than expected and had repaid furlough support to the UK Government.

Miner Polymetal International (POLY) edged up 0.9% to £19.7, hiking its dividend after its first-half earnings more than doubled on the back of higher gold and silver prices. Polymetal declared a dividend for the six-month period of $0.44 per share, up from $0.20 year-on-year.

Cruise operator Carnival (CCL) dipped 0.6% to 971.2p, as it cancelled yet more services, this time at its Princess Cruises unit, citing border restrictions and uncertainty over airline travel.

Bus and rail company Go-Ahead (GOG) advanced 2.9% to 668.5p after it won a two-year contract extension to continue operating around 450 buses in the Loyang region of Singapore.

Mining company Hummingbird Resources (HUM:AIM) added 2.9% to 35p as it swung to a first-half profit, helped by rising gold prices.

Tech company Vianet (VNET:AIM) added 1.9% to 95.3p, having announced that trading for the first four months of its financial year had been ahead of revenue and profit forecasts revised due to Covid-19.

Kidney disease diagnostics group Renalytix AI (RENX:AIM) fell 2.6% to 557.4p on news that it had filed a submission seeking clearance of its KidneyIntelX product with the US Food and Drug Administration.

Argentina-focused oil company President Energy (PPC:AIM) dropped 2.9% to 1.7p on announcing that it had entered into a drilling contract for two new wells scheduled to commence later this year.

President also announced it had discussions with a 'national oil company' regarding the potential sale of a stake in President's Pirity asset in Paraguay.


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Issue Date: 26 Aug 2020