London shares make early gains on Thursday as UK investors draw a line under three days of reverses and go shopping for bargains. Overseas issues have dominated the UK investor mindset over the past few days with US interest rate hikes and three-straight days of devaluation of China's yuan currency by the People’s Bank of China.
The benchmark FTSE 100 index is trading around 40 points, or 0.6%, higher at 6,611, while midcaps rally even more strongly, the FTSE 250 up 135 points, or 0.8%, at 17,572. Europe's major indices are also rising, easing concerns across the EU investment sphere.
In corporate news, International Ferro Metals (IFL) slumps 28.3% to 1.38p after saying that first-half operating losses are unlikely to improve in the second half of the year which is worse than analysts expected. Ferrochrome prices are expected to fall near-term.
Cinema operator Cineworld (CINE) adds 1.8% to 558.5p on a strong set of first half results, with sales up 11.3% to £329 million driven by growth in admissions of 5.4%, a higher than average ticket price and good retail spend per customer. The interim dividend has been lifted by 32% to 5p and the group says it's marginally ahead of its plans for the full year.
Travel and holidays group TUI (TUI) jumps close on 8% to 1127.5p as it narrows its nine-month loss to €169.3 million, from a year-ago loss of €355.6 million, despite shouldering the burden of the aftermath of the shock shootings in Tunisia in June.
Elsewhere, Greka Engineering & Technology (GEL:AIM) soars 130% to 1.33p as it wins a construction contract with China United Coalbed Methane Corporation, despite zero financial detail being given.
Publisher Quarto (QRT) slides 10% to 212.5p as half-year pre-tax losses triple to $1.9 million on flat revenues. While the interim dividend remains in place at 3.35p per share, CEO Marcus Leaver's assessment of a 'period of good progress' looks somewhat rose-tinted. The business believes second-half prospects look much better.
Processed foods minnow Nomad Foods (NHL) rallies 6% to 21.88p as it signs an option agreement with LionGem Sweden to buy the Swedish firm's Findus Sverige business in a rough £500 million deal. Read Shares exclusive and detailed analysis here.
Biotech Venn Life Sciences (VENN:AIM) jumps 5% to 21p on strong first half billing figures.
Recruiter Michael Page (MPI) gains 3.7% to 547p as it confirms a solid start to the year helped half-year earnings per share gain 20% to 9p. Continued strength in international jobs is proving a windfall for recruiters and Michael Page is rewarding shareholders with a £50 million special dividend, equivalent to 16p a share. Total shareholder distributions will total £61.3 million in the second half of the year to 31 December 2015.
Caledonia Mining (CMCL:AIM) rises 1.2% to 42p despite telling investors they may need to revise down earnings expectations if the gold price doesn't improve. Read Shares analysis of the latest results announcement.