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FTSE struggles as miners fall

Wednesday, 13th September 2017
The FTSE 100 failed to gain positive momentum as miners remained weak.

Anglo American (AAL) led the sector lower with a 1.4% drop to £13.70. Fresnillo (FRES) and Glencore (GLEN) followed, down 1.6% and 1% to £15.45 and 366.8p, respectively.

Cigarette seller Imperial Brands (IMB) drifted 0.5% lower to £33.03.

The FTSE 100 traded 0.1% in the red at 7,388.

According to media reports, motor insurer Sabre is planning an IPO after its owners failed to find a buyer. The company is expected to be valued at £600m.

Brent crude oil rose 0.6% to $54.60 per barrel. Gold was flat at $1,328 per ounce and copper fell 1.4% to $6,547 per tonne.


Wall Street had a positive run overnight thanks to stronger financial firms. The S&P 500 closed 0.3% higher at 2,496 overnight, but shares in Apple were weaker after unveiling its latest iPhone.

In Asia, investor sentiment was strong with the exception of Hong Kong as the Hang Seng fell 0.3% this morning to 27,894.


A negative broker note from Macquarie on broadcaster ITV (ITV) dragged its share price 0.4% lower to 159.4p. The recommendation on the stock was cut to 'underperform'.


Homewares retailer Dunelm (DNLM) hiked its dividend and increased its share of the homewares market to 7.9%. Investors were impressed by the company's latest results and overlooked a drop in sales and caution that consumers' disposable incomes were under pressure in the UK. Shares in the firm surged 8% to 663.2p.

Broker UBS reduced its rating for insurer ESURE (ESUR) from 'neutral' to 'sell', which pushed the stock 2.3% lower to 258p.

Sales at housebuilder Galliford Try (GFRD) rose by 6% to £2,820m in the year to 30 June 2017 thanks to a strong underlying performance. Investors focused on a 17% hike in the dividend instead of a 57% decline in pre-tax profits to £58.7m (affected by one-off charges on legacy contracts). Shares in the company dipped 0.3% to £13.54.

Infrastructure group Balfour Beatty (BBY) was flat at 263.5p following its decision to sell its 95% share in Blackpool Airport to Blackpool Council for £4.25m.

Bikes seller Halfords (HFD) nabbed Dixons Carphone (DC.) chief executive Graham Stapleton. The company reported that Stapleton is due to take up the post of CEO from 15 January 2018. Shares in Halfords advanced 2.2% on the news.

Financial services business Just Group (JUST) was unmoved at 161.3p despite strong results in the first half of 2017. Adjusted operating profit rose 39% to £67.2m.


Pharmaceutical firm Alliance Pharma (APH) was up 1.4% to 53.2p on a 8.4% increase in first half revenue, driven by sales of its scar reduction product and eye supplement.

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