A record close in the US overnight, as US lawmakers paved the way for a tax-cut package, helps to drive the FTSE 100 higher this morning. In early trading the index is up 0.3% at 7,545.42.
Tanzanian gold miner Acacia Mining (ACA) gains 1.7% to 215.6p. After announcing progress in its dispute with the authorities in Tanzania yesterday, the group provides a third quarter update. The company says its business is 'resilient' but the statement shows the impact of the export ban in Tanzania with revenue down 40% and its cash position slipping from $302m a year ago to $95.3m.
Hotelier InterContinental Hotels (IHG) slips 0.8% to £40.66 as investors ignore a robust performance in the US and Europe in the third quarter to focus on weaker growth in the US. The shares were up around 10% heading into this update following a sell-off in response to first half results.
Support services firm Serco (SRP) is flat at 117.2p as it reveals chief operating officer Ed Casey is returning to the US to take a role with another company. Casey will leave his post on 31 December.
Coal miner Ncondezi Energy (NCCL:AIM) gains 55.3% to 9.12p as it secures an initial agreement with China Machinery Engineering Corporation and General Electric South Africa. The non-binding offer is to enter into exclusive negotiations over the development, construction and operation of an integrated coal fired power project and open pit coal mine in Tete, Mozambique.
Troubled delivery firm DX (DX.:AIM) slumps 5.9% to 10p as it reports zero profit for the 12 months to 30 June. Revenue is up 1.4% to £291.9m but pricing pressures and operational difficulties pressured margins wiping out any profit.
After 'exceptional items' the company reported a pre-tax loss of £82.3m. The new management team of chairman Ron Series and chief executive Lloyd Dunn will provide more detail on their turnaround plans in early 2018.