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FTSE lifted by miners and financial services stocks

By BFN News | 11:53 AM | Wednesday 13 June, 2018


The FTSE 100 was supported by stronger miners and financial services stocks, rising 0.4% to 7,738. Glencore (GLEN) said it will write off $5.6bn of debt to preserve a joint venture in the Democratic Republic of Congo, helping the stock rise 2.7% to 394p. Fellow miner Evraz (EVR) gained 2.8% to 557.1p. Hargreaves Lansdown (HL.) and Old Mutual (OML) were the biggest risers among financial services companies. Brent crude oil was stable at $76 per barrel. INFLATION UP AS HOUSE PRICE GROWTH SLOWS UK inflation rose from 2.2% in April to 2.3% in May according to the Office for National Statistics, driven partially by rising motor fuel prices. House prices in England grew by 3.7% in the year to April, but this was slower than the 4% growth posted in tge year to March. MID AND LARGE CAP RISERS AND FALLERS The market was concerned about Deliveroo's new expansion strategy in response to rival Just Eat's (JE.) own growth plan earlier this year as shares in the latter slumped 9% to 772.7p. Telecoms firm TalkTalk (TALK) enjoyed a 7.3% boost in its share price after Deutsche Bank released a positive broker note. Electronics retailer Dixons Carphone (DC.) reported unauthorised access to data held by the company, prompting a 3.4% decline in the stock to 190.9p. SMALL CAP RISERS AND FALLERS Distributor Connect (CNCT) plummeted 46.3% to 27.9p on an 'extremely disappointing' performance, leading to the decision to close the Pass my Parcel division and wind down the Parcel Shop network. Chief executive Mark Cashmore and chief financial officer David Bauernfeind resigned. Waste disposal business Biffa (BIFF) announced its CEO Ian Wakelin resigned, which overshadowed a 33.8% jump in profit as the shares dropped 4.7% to 230p. Video game developer Team 17 (TM17) levelled up after new release Overcooked 2 was announced at the E3 conference. Shares in the company rose 8.6% to 252.5p. Contract and programme delays at Redhall (RHL) impacted trading in the six months to 31 March, pushing the shares 5% lower to 8.4p. Northern Bear (NTBR) traded ahead of management expectations in the half year to 31 March, triggering a 21.1% rally to 84.8p. Story provided by StockMarketWire.com

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