The FTSE 100 is up 2.3% to 6,116 points following recoveries in stocks listed in the US and China. The CSI 300 index closed 6% higher at 3,205.64, while the Shanghai Composite Index gained 5.4%.
Such strong gains overnight have seen risk appetite return to markets, meaning miners are once again in demand – Anglo American (AAL) gains 4.4% to 693p, BHP Billiton (BLT) adds 3.7% to £10.47 and Glencore (GLEN) recovers some of its losses earlier this week, rising 3% to 415p.
US-focused equipment rental outfit Ashtead (AHT) gains on macro news and anticipation ahead of a first quarter trading update on Tuesday 2 September, advancing 2.9% to 929p. Analysts are looking for adjusted earnings per share growth of around 29% and a full year result of 80.4p
Motive Television (MTV:AIM) shows a 10,163% gain on some stock market websites. After adjusting for a 1:100 share split it’s up only 3.7%.
Gaming software company Playtech (PTEC) slips 2.3% to 870.5p despite reporting an 11.6% rise in pre-tax profit to €85.8 million in the first half with revenues 33% higher at €286 million. Casino is the core growth driver, with revenues up 28% on the back of new contracts, strong underlying market growth, foreign exchange and the launch of slot games in Spain. Operating cash flow has slipped from €98.6 million to €96.4 million.
FTSE 250 bank Aldermore (ALD) leaps 9.3% to 304p after recording a consensus beating 109% improvement in underlying pre-tax profit to £40 million in the six months to 30 June. Higher lending funded by a 20% rise in small business deposits to £1.2 billion was the catalyst with net interest margin improving 9% to 3.6%. Click here to read Shares’ profile of the bank.
Park Plaza operator PPHE Hotel (PPH) gains 2.7% to 653.5p after almost doubling normalised profit before tax to €15.2 million in the six months to 30 June as a result of improved trading particularly in The Netherlands and Germany. Revenue per available room is 12.5% higher at €119.8, driven by a 260 basis points increase in occupancy to 82.9% and a 9% rise in the average room rate to €144.5.
Gene and cell therapy specialist Oxford Biomedica (OXB) falls 6.2% to 8.5p on pre-tax losses widening by 53% to £8.2 million in the six months to the end of June. A rise in costs to increase its manufacturing capacity is expected in the second half.
The turmoil in the Russian economy has sent Moscow-focused warehouse landlord Raven Russia (RUS) 2.5% lower to 42.8p with net asset value falling 3.7% to $1.02 a share. Sanctions on the country have led the real estate investor holding onto the $46 million cash it generated in the six months to 30 June and has no developments in the pipeline.
Ceramics manufacturer Churchill China (CHH:AIM) clips 7.5p higher to 525p on strong interims, driven by another record turn from its hospitality division, and a confident outlook statement. Flush with £8.7 million half-time cash, Churchill also hikes the dividend 10% to 5.6p. Shares highlighted the Stoke-on-Trent headquartered growth and income attractions here in July.
Glasgow-based protective packaging group Macfarlane (MACF) jumps 4.4% to 48p after netting a 52% rise in pre-tax profit to £1.85 million in the first half of the year, led by acquisitions, 7% organic growth in its core packaging distribution division and a modest recovery in profits in manufacturing operations. The dividend has been increased by 6% to 0.53p per share.