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FTSE 100 trades higher as political tensions dampen

Tuesday, 10th July 2018
The FTSE 100 remained in positive territory amid upbeat economic data from the UK instead and limited fallout from Monday's Brexit developments.

The blue-chip index was 4 points higher at 7,692.

Wall Street enjoyed a more robust performance as the Dow Jones jumped 0.6% to 24,920 around 4:45pm as investors were optimistic about potential strong earnings from corporates.

Brent crude oil rose 1% to $78.82 per barrel. Copper cheapened 0.6% to $2.82 per pound and gold fell 0.5% to $1,252 per ounce.

MID AND LARGE CAP RISERS AND FALLERS

Financial trading firm TP ICAP (TCAP) plummeted 35.9% to 269.3p following a profit warning and chief exec John Phizackerley's departure.

High investment costs at online grocer Ocado (OCDO) hit core earnings in its first half, but investors remained optimistic about its long term prospects as the stock accelerated 9% to £11.03.

Software reseller Softcat (SCT) pleased investors after announcing it is expected to beat forecasts thanks to favourable market conditions, helping the stock rise 7% to 760.5p.

Infrastructure services provider Kier (KIE) secured three-year extensions on its Highways England Areas 3 and 9 contracts, worth £250m per annum. Shares in the company rose 4.3% to 975p.

SMALL CAP RISERS AND FALLERS

Residential care home specialist CareTech (CTH) approached children's services provider Cambian (CMBN) with a takeover offer for a potential £600m merger. The news prompted a 34.3% rally in Cambian to 199p.

According to reports, a key investor in Premier Foods (PFD) hiked its stake 9% to 17.3% as pressure mounted against the re-election of chief executive Gavin Darby. Shares in Paxo and Angel Delight owner fattened 9.9% to 46.1p.

A robust set of annual results from photo booth operator Photo-Me (PHTM) boosted the stock by 5.7% to 115.6p.

Recruiter Robert Walters (RWA) benefitted from growth in its international markets after profit rose 16% in its second quarter. The stock retreated 0.8% to 760p.

ITE Group (ITE) rallied 13.9% to 90p following a strong jump in volumes and forward bookings.

Real-time financial market data processor Arcontech (ARC) revealed profit for the year to 30 June is expected to beat market expectations, triggering a 14.3% rally to 85.7p.

Shares in Summit Therapeutics (SUMM) received a 17.1% boost to 41p after being awarded a $4.5m grant from public-private partnership CARB-X to support its gonorrhoea antibiotic compounds.


Story provided by StockMarketWire.com


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