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Sterling weakness and China optimism lifts FTSE

Thursday, 28th March 2019
The FTSE 100 was up 0.5% to 7,232.56 by midday as the ongoing Brexit impasse sees a drop in the pound and following news of a possible breakthrough in trade talks between the US and China.

News of a Competition and Markets Authority probe into the funerals sector hit shares in listed funerals provider Dignity, down 2%.

LARGE AND MID CAP RISERS AND FALLERS

SSE dipped 0.4% to £12.16 as it said it expected to report a 'significant reduction' in its Wholesale business operating profit for 2018/2019 and was continuing to examine future options for its SSE Energy Services.

British engineering company Meggitt edged 0.2% higher to 500.8p as it announced it had been awarded a contract from General Dynamics Land Systems to provide the auxiliary cooling and power system for the US Army's Abrams tank Program. The contract was worth up to $37m.

International Public Partnerships Limited lost 0.2% as it said pre-tax profits rose by more than fifth amid an increase in net assets.

Derwent London said the Brunel Building office space in Paddington was now fully pre-let ahead of completion of the development. The shares were up 0.4% to £32.24.

Global Ports Investments said annual losses doubled as higher revenues were offset by a rise in dollar-denominated debt amid a weaker Russian rouble. The shares were up 0.4%.

UK oil company Premier Oil fell 0.7% as it said it had completed the sale of its Pakistan business - Premier Oil Pakistan Holdings - to Islamabad-based firm Al-Haj Energy for $65.6m.

Shares of Johnson Matthey advanced 2.8% as the chemical company said it had achieved two major milestones that kept it on track to advance its electric vehicle battery technology.

Outsourcing and energy services firm Mitie Group dropped 3.4%, paring earlier heavier losses, even as it said it expected to see an increase in full year operating profit as its transformation programme continued to make 'steady progress' despite a challenging backdrop.

SMALL CAP RISERS AND FALLERS

UK logistics group Eddie Stobart climbed 1.5% after the firm said annual profits doubled as revenue grew by more than a third.

Digital music solutions company 7digital jumped 9.8% to 1.12p after it announced it had signed an initial one-year contract with Dubset Media providing access to the company's music platform.


Story provided by StockMarketWire.com


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