UK stocks edged higher on a quiet Friday for company news following an earlier setback on news that Japan’s longest-serving Prime Minister Shinzo Abe would resign for health reasons. Markets are closed on Monday for a bank holiday.
At midday the benchmark FTSE 100 index added 4 points or 0.1% to take it back above the 6,000 level to 6,004 points. Miners Anglo American (AAL), Fresnillo (FRES) and Polymetal (POLY) were among the gainers while aerospace engineer Rolls Royce (RR.) continued its slide after a disappointing trading update yesterday.
Guarantor lender Amigo Holdings (AMGO) jumped 13% to 13.5p as it eked out a meagre first quarter profit and said it planned a return to lending on a ‘prudent basis’ before the end of the year.
The firm has seen revenues shrink as it paused new lending and granted repayment holidays, while at the same time provisions have mounted for customer complaints and it has become embroiled in a public spat with its founder and former chief executive.
Games maker Frontier Developments (FDEV) climbed 8% to a new life-time high of £22.50 after the firm raised its full year revenue guidance on the strength of current trading and its pipeline of forthcoming titles.
The Jurassic World Evolution producer said it expected sales in the upper half of the current range of expectations, prompting brokers to upgrade their forecasts.
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Sports equipment developer Tandem (TND) advanced 2.7% to 385p having forecast a higher first-half profit as wider margins offset a fall in sales.
Tandem said its revenue for the period fell due to a lack of free-on-board orders from national retailers and a limited supply of bicycles, but cost cutting had bolstered its margins.
Infrastructure investment company BBGI (BBGI) was unchanged at 170p even as it raised its dividend target, having reporting a rise in first-half net assets.
BBGI said it was targeting a 2020 dividend of 7.18p per share, up 2.6% on the 2019 dividend, and a 2021 dividend of 7.33ps, up 2.1% on the 2020 target.
Precious metals miner Resolute Mining (RSG) dipped 0.5% to 61p as it posted a 32% rise in first-half profit after it boosted production and benefited from higher gold prices.
Aquaculture group Benchmark (BMK) trod water at 46p after it reported narrower third-quarter losses, underpinned by higher revenue and margins in its genetics business.
Alternative broadband provider BigBlu Broadband (BBB) shed 4% to 94.5p, having reported deeper first-half losses as pandemic-led disruptions weighed on revenue.
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