Investors are caught between attack and defence during a morning trading session on Friday which sees 'risk-on' mining stocks gain alongside 'risk-off' utilities while most other sectors languish in the red.

The blue chip FTSE 100 index trades 0.6% lower at 6,069 with only around 20 stocks advancing.

Copper miner Antofagasta (ANTO) leads the way, up 1.7% to 413p, alongside precious metals specialists Fresnillo (FRES), up 1.8% to £10.94 and Randgold Resources (RRS), up 0.7% to £62.10.

Among the defensives, water ulility Severn Trent (SVT) is up marginally at £22.54 and energy transmission giant National Grid (NG.) gains 0.4% to £10.06.

Leading Coke bottler Coca-Cola HBC (CCH) loses fizz, cheapening 3.1% to £13.54 despite a first quarter trading update highlighting a 'good start to the year'. Investors beg to differ, giving the thumbs down to news net sales revenue fell 2.7% due to the impact of weak emerging market currencies and a strong Euro.

aaaCoke bottles

Insurers wilt behind RSA (RSA), 2.4% lower at 464.35p, Direct Line (DLG), down 2.3% to 364.9p, and Prudential (PRU), off 2% to £12.4925.

Serabi Gold (SRB:AIM), up 17% to 5.13p, has hiked its March-quarter pre-tax profit to $1.5 million, from $0.2 million. Gold output was 9,771 oz, from 7,759 oz. Average price received was $1165/oz, from $1212/oz. Total all-in sustaining cost of output was $858/oz, from $759/oz.

Bluebird Merchant Ventures (BMV:AIM) rallies 13% to 4.25p as it sets up an on-site laboratory after test shipments of copper concentrate contained a higher gold value than expected. The initial test shipment had a higher gold value (6.56g/t) than had been expected, with a testing of the proposed second shipment also indicating gold values of 12.17g/t and 14.83g/t.

Betting firm 32Red (TTR:AIM) jumps close on 13% to 130.88p as it reveals trading during 2016 has remained very strong across its portfolio. Like-for-like net gaming revenues for the first 19 weeks of the year, to May 11, was up 39% on the year and up 71% including the contribution from Roxy Palace.

Conditional dealings begin in Motorpoint (MOTR), the nearly-new cars operator, which speeds up to 213p having priced its IPO at 200p for a debut Main Market tag of £200 million.


A £100 million offer sees co-founder David Shelton and other management team members selling down holdings, though CEO Mark Carpenter confidently insists that 'as the largest independent vehicle retailer in the UK, with a differentiated, multichannel, disruptive business model and a compelling customer proposition built around choice, value and service, we believe that this listing on the LSE will provide the catalyst to take the company to the next stage of its growth.'

Rare and antiquarian books dealer Scholium (SCHO:AIM) skips 6.3% higher to 42p after reporting encouraging trading for the year to March, flagging sales 'materially ahead' year-on-year to drive a 'broadly break even' annual pre-tax result. The Shapero Rare Books owner's market has stabilised and investors spot a deep value opportunity, the balance sheet flush with year-end net assets of £10 million plus, or some 73.5p per share.

Shares in Diploma (DPLM) gain 0.7% to 757p, ahead of a half year results announcement scheduled for Monday. Investors will be looking to see if the distributor of medical and life sciences equipment is on track to hit full-year earnings per share expectations of 40.2p.

Issue Date: 13 May 2016