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UK stocks open 0.5% higher on China growth optimism

Tuesday, 16th April 2019
UK stocks opened higher on Tuesday, tracking positive moves on Asia exchanges inspired by positive data indicating that the Chinese economy is on a stable footing.

At 0853, the FTSE 100 was up 36.36 points, or 0.5%, 7.473.23.

JD Sports Fashion gained 3.8% after it reported a 15% jump in annual profit that beat its own recently-upgraded expectations.

Galliford Try tumbled 19% after it warned on profits said it had launched a strategic review that could see it shrink the size of its construction arm.

Rio Tinto gained 0.5% after a downgrade to its annual iron ore production guidance following cyclones in Australia's Pilbara region wasn't as bad as feared.

Output for most other commodities, including copper and bauxite, rose during the first quarter.

Premier Oil advanced 3.5% after a new side-track well offshore Mexico confirmed the quality of recent discoveries in the area.

Recruitment consultant Hays fell 4.7% after investors were left disappointed with a 6% rise in like-for-like net fee income in the first quarter.

Card Factory firmed 2.5% after it booked an expected 7.3% fall in annual profit, but also suggested it could have another special dividend in the kitty for investors this year.

Emerging markets asset manager Ashmore gained 4.1% as its assets under management increased by 11% in the first quarter, amid net inflows of $5bn and a positive investment performance of $3.6bn.

Sub-prime lender Provident Financial once again urged its shareholders to reject a hostile takeover bid from Non-Standard Financial, with chairman Patrick Snowball describing the bid as 'dreadful' in a letter to shareholders.

Provident shares rose 0.2% while NSF shares fell 0.4%.

Professional services company Parity Group sank 11% after the loss of a key contract prompted a steep fall in its annual profit.


Story provided by StockMarketWire.com


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