Market Update Economic Events Directors Deals Commodities Prices News Market Movers

UK stocks open 0.2% stronger, led by miners

Wednesday, 16th May 2018
UK stocks opened higher on Wednesday, led by gains among mining companies.

At 0855, the benchmark FTSE 100 index was up 15.25 points, or 0.2%, at 7,738.23.

Anglo American and BHP Billiton were up 3.1% and 1.7%, respectively.

UK luxury fashion group Burberry firmed 1.8% as it posted a rise in annual profit, mostly owing to cost cutting that offset a fall in revenue.

Pub owner and brewer Marston's shed 4.9% after it swung to a first-half loss and kept its dividend steady. Write-downs on the value of the group's estate had offset a rise in revenue.

Fellow pub owner Mitchells & Butlers was having an even worse morning. Its shares slumped 10% on the back of a fall in profit, driven by higher staff, property and food costs and severe snow storms keeping punters at home.

Software group Micro Focus International gained 9.1% after it said it expected to beat its recently-downgraded revenue guidance for the first half thanks to the closing of a large licence deal.

Paddy Power Betfair gained 1.4% after the gambling group confirmed media speculation that it was in discussions regarding a potential acquisition of FanDuel to target the US sports betting market.

Bus and train service operator National Express Group rose 2.3% after it reported that revenue grew by 6.2% in the first fourth months of the year on a constant currency basis, boosted by a strong performance at its North American bus business.

Cinema chain Cineworld said popular films such as "Black Panther" and "Avengers: Infinity War" had supported 10.1% growth year-to-date revenue. Its shares, however, eased back 0.2%.

SSP Group, which operates food and beverage outlets at travel locations, posted a large rise in first-half profit after higher passenger volumes at airports helped boost sales. Its shares gained 1.5%.

Men's suit retailer Moss Bros Group rallied 11% after it said sales in the first 15 weeks of the financial year slid 2.4%. The fall nevertheless represented an improvement since a gloomy trading update released in March, when the company was experiencing stock shortages.

Dual-listed packaging company Mondi Group said first-quarter earnings grew 15% after higher average selling prices helped offset rising operating costs, maintenance disruptions and foreign exchange losses. Its shares gained 2.1% on the news.

Story provided by

Share Search
Share Search Share Search

Visit the Share Search.
Share Search

Share News
Share News will do their best to ensure the quality of the information displayed on this site, but all information is provided as-is, free of charge. We cannot be held responsible for any loss, material or otherwise, due to incorrect information found here. UK data supplied by NBTrader and Digital Look. Share Prices are at least 15 minutes delayed.