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UK stocks open 0.5% stronger amid US shutdown progress

By BFN News | 09:02 AM | Tuesday 12 February, 2019

UK stocks opened on higher Tuesday after signs the US would avoid another government shutdown boosted global markets. At 0858, the benchmark FTSE 100 index was up 37.88 points, or 0.5%, at 7.166.99. Online broker Plus500 tumbled 31%, despite almost doubling its annual profit. The company also warned that tighter UK regulations would cause it to post a a profit in 2019 'materially lower' than market expectations. Ailing department store chain Debenhams jumped 40% on news that it had secured an extension to its credit facilities and inked a sourcing partnership with export group Li & Fung. Travel company TUI dropped another 4.4% as it posted a deeper earnings loss in its fiscal first quarter, while reiterating last week's shock guidance downgrade. Pharmaceutical company Indivior shed 2.2% after a US court denied its appeal against a decision allowing rival Dr. Reddy's Laboratories to sell a generic version of its opioid addiction treatment. Train and bus company Stagecoach advanced 1.4% as it confirmed that subsidiary East Midlands Trains had agreed a new short-term rail franchise with the UK's Department for Transport. Insurer AA added 0.5% on announcing that it expected its annual underlying earnings to be at least £340m, in line with its previous guidance range of £335m to £345m. Data company for the retail and transport sectors Touchstar rose 4.4% as it guided for a shallower loss than the market was currently expecting, due to margin improvement. Logistics company Wincanton gained 1.2% on news that it had been selected by UK tax authorities to support air and sea freight inspections. Story provided by

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