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UK stocks open 0.2% stronger, led by miners

Tuesday, 13th February 2018
UK stocks pushed higher at the open on Tuesday, as miners continued to benefit from a rally in commodity prices owing to a weaker dollar.

At 0855, the benchmark FTSE 100 index was up 13.61, or 0.2%, at 7,190.67.

Anglo American, Glencore and Antofagasta led resources stocks higher, with gains of 1.3%, 1.2% and 1.0, respectively.

Fellow miner BHP Billiton said it would book a one-off $1.8bn expense related to US tax changes. Over the longer term, however, the Anglo-Australian company said the changes would benefit its bottom line. The shares gained 0.6%.

Auto retailer Pendragon rallied 12.4% as investors looked past a fall in annual profit and focused on a surge in used-cars sales and signs of margin improvement in the fourth quarter.

Travel agent TUI Group, meanwhile, gained 2.9% after it boosted first-quarter revenue amid strong demand for Western Mediterranean destinations and a recovery in Turkey and North Africa.

Cancer detection company Oncimmune shed 2.1% as interim losses widened due to a jump in operating costs.

Smart Metering Systems added 4.2% as it inked a meter-rental agreement with Utilita Energy, providing an opportunity for the installation of over 100,000 new meters during 2018.

Property investment company A&J Mucklow Group booked a large rise in first-half profit, owing to positive asset revaluations. Its shares gained 2.0%.

Craneware rallied 6.4% after the healthcare software group said it secured two significant new contracts with hospital providers in the US.

Consumer healthcare group Venture Life said its mouth-wash product would appear in Day Lewis pharmacies during the first quarter of 2018. Its shares rose 0.9%.


Story provided by StockMarketWire.com


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