On a quiet day for corporate announcements the FTSE 100 trades slightly higher at 7,539.03 as tensions between Iraq and Kurdistan drive up oil prices.

Mining stocks are also higher on a rally in Chinese iron ore prices. Antofagasta (ANTO) leads the way, up 2.8% to £10.43.

Medical products firm ConvaTec (CTEC) falls 14.8% to 237.9p as it warns full year profit will be lower than previous guidance and says 2018 growth targets may need to be adjusted. The culprits are supply issues in both advanced wound care and ostomy care and lower than anticipated revenue from new products.

The head of the division responsible for a recent profit warning at trading and tech firm Nex Group (NXG) is set to resign. Shares in the company are down 1.4% to 652p as Jenny Knott, head of its post trade arm, stands down. Group chief operating officer Ken Pigaga is to take over.

Waste management firm Augean (AUG:AIM) falls 17.4% to 22.5p as it announces a management shake-up to save cash and warns on 2017 and 2018 profit blaming weaker trading and continuing uncertainty over its tax status.

Banknote authentication specialist Spectra Systems (SPSY:AIM) gains 15.2% to 93.9p as royalties from printed notes containing its materials reach a record level in 2017. As a result, it says profit will ‘significantly exceed market expectations’.


Issue Date: 16 Oct 2017