Miners lead the FTSE 100 higher as metals prices gain overnight and KAZ Minerals (KAZ) adds to the growing number of mining companies delivering better-than-expected results.
Kazakhstan-focused copper play KAZ is the top gainer on the FTSE 350, up 10.8% at 181p, as copper production increased 43% to 52,600 metric tonnes and cash costs fell 34% in the first six months of 2016.
Chief executive Oleg Novachuck says the business is on track to deliver between 135,000 and 145,000 tonnes of copper and 95,000 to 115,000 ounces of gold in 2016.
Moving the other way, iron ore miner and steel producer Evraz (EVR) dips 5.4% to 164p as it catalogues a number of risks to its full-year guidance in an outlook statement alongside results for the six months to 30 June.
While chief executive Alexander Frolov expects steel prices to improve in the remainder of 2016, Russian demand is likely to be flat and in North America there may be headwinds from ‘dumping’ of products in Canada from Chinese and Japanese producers.
Meanwhile, home improvement giant Kingfisher's (KGF) wings are clipped after a strong recent run, the shares off 3.6p to 354.4p early on. Though the B&Q-owner reports better-than-expected 3% like-for-like sales growth for the second quarter driven by the UK and Poland, boss Veronique Laury reports a sales reverse in France amid widespread industrial action and wet weather and the CEO remains 'cautious on the short-term outlook'.
Travel agent Thomas Cook (TCG) rises 3.2% to 63.5p on an outsourcing deal that will expand its hotel availability by 75,000 locations. Online travel services provider Webjet will find hotels for customers in its non-core business, allowing management to focus on developing the core offering.
Shopping centre landlord Capital & Regional (CAL) improves 2.1% to 59.7p as management anticipates a positive second half. Demand was robust in the first six months of 2016 and this has not changed since the referendum. In a sign of the board’s confidence it has recommended raising the interim dividend by 8% to 1.62p a share.