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UK stocks open 0.1% lower as pound strengthens

Monday, 15th April 2019
UK stocks drifted lower on Monday, led down by miners, as a stronger pound hurt exporters.

At 0854, the FTSE 100 was down 10.59 points, or 0.1%, at 7.426.47.

BHP, Rio Tinto and Anglo American fell 0.9%, 1.0% and 1.1%, respectively.

Rio Tinto also announced that it had committed $302m to its Resolution copper project in Arizona.

Temporary office space provider IWG jumped 16% after it agreed to sell its Japanese operations to TKP Corporation for £320m.

Brewin Dolphin gained 0.3% as it confirmed media speculation that it was in talks to acquire Investec's wealth management business in Ireland.

Energean Oil and Gas rallied 11% on news that it had made a 'significant' gas discovery at its Karish North exploration well offshore Israel.

Acacia Mining reversed 2.0%, as its first-quarter gold production fell 13% on-year, mainly due to lower production at its North Mara and Buzwagi mines in Tanzania.

Petra Diamonds weakened by 0.2% as it also reported a fall in third-quarter production, though it left its output guidance for the year unchanged.

Online trading platform IG gained 1.2% after it announced that chairman Andy Green would stand down in September. A search for a replacement was currently underway.

Agriculture and engineering group Carr's dropped 3.3% after it reported only a modest uptick in half-year pre-tax profits, as an unexpected warm weather in the UK and US hurt agriculture volumes.

Power control component supplier XP Power shed 1.9% as it grew its first-quarter revenue by less than 1%, though sales fell on a like-for-like and constant currency basis.

Software provider Sanderson jumped 7.9% after it revealed a 30% rise in first-half profit that beat its expectations.

Recruitment company Robert Walters added 1.9% as it had boosted its first-quarter gross profit by 11%, following growth in both the UK and abroad.

Building materials supplier SigmaRoc firmed 2.2% on news that it had agreed to acquire quarrying group GDH in two stages for £12.4m.

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