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FTSE bounces back as miners recover from sell-off

Thursday, 16th August 2018
A swift recovery in the mining sector following the sell-off on Wednesday helped the FTSE 100 rise 0.6% to 7,544 around midday.

Glencore led the way, gaining 1.6% to 303.2p. Fresnillo added 1.4% at 909.4p and Rio Tinto was up 1.2% at £36.94.

Brent crude oil was up 0.3% at $71 per barrel and copper climbed 1.1% to $2.59 per pound.

MID AND LARGE CAP RISERS AND FALLERS

Beach holidays retailer On The Beach jumped 13.1% to 465.5p on the £20m acquisition of Classic Collection Holidays, which overshadowed weaker demand due to the heatwave and World Cup.

Media reports that Amazon is considering starting a price comparison site put comparison sites companies under pressure. GoCompare.com dipped 0.9% to 113p and Moneysupermarket.com shed 3.6% to 288.4p. Confused.com website owner Admiral also fell 1.6% to £20.29 on the speculation.

DIY chain Kingfisher reported disappointing overseas sales and better trading in the UK, leading to a 1.6% increase in like-for-like sales in the second quarter. The stock declined 4.5% to 275.5p.

Gambling company Rank lost 2.8% to 171p after profit plummeted over 40% in the year to 30 June.

Kaz Minerals boosted copper production by 18% to 140kt and enjoyed an increase in revenues from $721m to approximately $1.1bn, triggering a 3% share price jump to 563.8p.

Marshalls delivered a 12% rise in both sales and operating profit in the first half of 2018 despite the impact of severe weather, prompting investors to mark the stock 12.2% higher to 474.2p.

SMALL CAP RISERS AND FALLERS

Abzena catapulted 146.7% higher to 14.8p on a takeover offer of £34.4m from private equity firm WCAS, valuing Abzena at a 167% premium to the closing price on Wednesday.

A sales and profit warning from Green & Smart Holdings wiped off over a third of its market cap value, leaving the shares at 4.3p.


Story provided by StockMarketWire.com


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