The FTSE 100 is down 35 points to 7,422 not aided by a poor showing from the mining sector. There is also continued trepidation over the US' trade talks with Canada which are not buoying the markets.
Mining giant BHP Billiton (BLT) is down 1.3% to £16.13 after buying a 6.1% stake in Solgold (SOLG). This move is the latest tit-for-tat exchange BHP is having with Newcrest Mining for control over Brisbane-based copper explorer Solgold, with Newcrest the largest shareholder in the firm with around a 14.5% stake in the company.
The deal will see the companies work together across digital and land-based sports betting as well as online betting across the US. The deal extends William Hill’s reach to 13 states where sports betting is already legal or gambling legislation is being put in place.
Homebuilder Barratt Developments (BDEV) gains 4.6p to 540.2p as its final results show a 4.8% increase in revenue to £4.8bn with pre-tax profits up 7.9% to £835.5m. The company has also hiked its dividend per share by 5% to 43.8p and increased its operational margin by 50 basis points.
Defence company Chemring (CHG) ticks up 2.7% on announcing that it has been selected as one of the suppliers of Next Generation Chemical Detectors (NGCD1). The contract will be for indefinite delivery and supply and chief executive Michael Ord says that the ‘award decision is a significant development for Chemring’.
Software company Kainos (KNOS) gains 12.3% to 410p. The company says in a trading statement that it expects results for its 2019 year to be ahead of current market expectations with growth in digital services being ‘very strong’. The growth across its numerous platforms was partially offset by Evolve where market conditions are challenging due to a lack of funding at NHS Trusts.
Laser printer company Xaar (XAR) gains 2.7% to 189p on revealing is has entered into a deal with flexible packaging maker Windmoeller & Holscher. Xaar will be supplying its 5601 printhead to the German company after it was selected as a result of successful performance tests over a period of months.