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UK stocks open 2.2% higher as US, China declare trade war truce

Monday, 3rd December 2018
UK stocks surged along with other global markets on Monday after the US and China called a minimum 90-day truce in their trade war.

At 0857, the benchmark FTSE 100 index was up 154.15 points, or 2.2%, at 7.134.39.

Resources companies were amid the biggest gainers, with cooper play Antofagasta, miner Glencore and oil giant Shell rising 7.5%, 6.2% and 2.5%, respectively.

Convenience store retailer McColl's Retail tumbled 24% after it downgraded earnings expectations for both the year just-ended and the current financial year, citing supplier disruptions, higher labor costs and 'consumer uncertainty'.

London Southend airport owner Stobart Group plunged 20% after it decided to cut its dividend to conserve cash for investments in its aviation and energy divisions.

Plastic products manufacturer RPC Group fell 4.4% on news that a takeover for the company had become a one-horse race.

Bain Capital was no longer pursuing a tie-up, RPC said, while an extension had been granted to Apollo Global Management to decide whether it wanted to lodge a firm bid.

AstraZeneca gained 1.1% as it completed a deal to sell rights to acid reflux and arthritis treatments to Grunenthal for a combined $815m.

Engineering services group Babcock International rose 0.9% on news that its joint venture with UGL had been awarded a new A$1.5bn (£866m) contract by the Australian Defence Force.

Spirax-Sarco Engineering gained 3.3% on announcing that it had sold German industrial air humidification equipment supplier HygroMatik to Carel Industries for €59.0m.

Power generation company Drax gained 1.2% after it tweaked the terms of its deal to buy pumped storage, hydro and gas-fired generation assets from Spain's Iberdrola.

Medical diagnostics kit supplier Omega Diagnostics shed 9.9% after it reported a rise in first-half profit that was entirely driven by asset-sale proceeds. Revenue from continuing operations slipped 7%.

Shield Therapeutics gained 6.5% on news that the US Food and Drug Administration had accepted for review a new drug application for its lead iron deficiency product.

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