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UK stocks open 0.5% higher, led by miners

Tuesday, 11th June 2019
UK stocks opened higher on Tuesday, led by a rally in mining stocks spurred by China stimulus hopes.

At 0851, the benchmark FTSE 100 index was up 35.44 points, or 0.5%, at 7.410.98.

Antofagasta, Rio Tinto and BHP led blue-chip miners higher, with gains of 3.4%, 2.7% and 2.4%, respectively.

Fashion retailer Ted Baker plunged 24% as it warned on profits amid 'extremely difficult' trading conditions that shrunk sales growth rates.

Online fashion retailer Quiz dropped 8.1% after it booked a 97% drop in annual profit and suspended its dividend, as heavy discounting and investment spending hurt its margins.

Supermarket chain J Sainsbury pushed 0.1% higher as it appointed former RBS executive Jim Brown to head up its banking division.

Catering company Compass rose 0.3% on news that it had agreed to acquire Sweden's Fazer Food Services for an enterprise value of €475m (£424m).

Bellway Homes reversed 0.3% as the market reacted tepidly to a 4.7% rise in its sales reservation rate in its financial year to date.

Fellow house builder Crest Nicholson added 0.2%, despite its first-half profit falling 11%, as the company also stuck to its full-year guidance.

Hazard detection technology company Halma gained 1.3% after it grew its annual profit by a fifth.

Medical technology company Smith & Nephew tracked sideways on annoucning that it had agreed to acquire Switzerland-based provider of optical tracking technology Atracsys Sarl, for an undisclosed sum.

Auto retailer Motorpoint added 1.9% after it reported a 13% rise in annual profit driven by increased sales across its existing sites, though margins contracted in the second half.

Packaging company Mpac firmed 3.9% thanks it reducing the size of a legacy pension deficit.

Story provided by StockMarketWire.com


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