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FTSE gains momentum on falling pound

Monday, 23rd April 2018
The FTSE 100 took advantage of a 0.4% pullback in sterling, with the blue-chip index pushing 0.4% higher to 7,398.

Among the most noticeable risers was Vodafone (VOD), up 1.8% at 213.8p, and HSBC (HSBA), which rose 0.8% to 707.2p.

Brent crude oil slid 0.2% to $73.90 per barrel. Copper cheapened 0.8% to $3.11 per pound and gold declined 0.9% to $1,324 per ounce.

OVERSEAS MARKETS

Wall Street experienced a subdued performance with the Dow Jones up 0.1% at 24,500 and the S&P 500 opening 0.4% higher at 2,682 around 4:45pm UK time.

MID AND LARGE CAP RISERS AND FALLERS

Support services specialist Capita (CPI) started to address its financial burden with a £701m fully underwritten rights issue to support its transformation plan. Although losses widened due to impairments, underlying profit advanced 43% in 2017, helping the shares rally 13.1% to 180.8p.

Shares in shipping services provider Clarkson (CKN) sank 17.9% to £25.50 on an unexpected profit warning. Profits for the both the first half and the full year are expected to be 'materially below' the prior year amid a 'challenging environment' in the shipping and offshore capital markets.

Engineer Rotork (ROR) took advantage of 'favourable market trends' and several order wins to drive sales higher in its first quarter. The stock advanced 10.9% to 331.6p.

SMALL CAP RISERS AND FALLERS

Paragon Entertainment (PEL) plummeted 25.6% to 1.5p on news it will have to implement an 'immediate restructuring programme' to save £400,000 in costs. The fit-out business said trading during 2018 was slow.

Another profit warning from windows retailer Safestyle (SFE) wiped a quarter of its value off, leaving the shares dwindling at 58.9p.

Miner Petra Diamonds (RDP) reported a 44% surge in third quarter sales, boosting the stock by 9.9% to 71.2p.

Nanoco (NANO) jumped 9.5% to 40.4p on a second deal with a US partner with new terms surrounding milestone payments and funding.

Digital music business 7Digital (7DIG) struck a positive note with investors after announcing first quarter turnover was 'slightly ahead of budget.' Shares in 7Digital rose 9.9% to 4.4p.


Story provided by StockMarketWire.com


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