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“The FTSE100 was up in early trading with banks and mining shares to the fore. HSBC led the board with Anglo American in hot pursuit. Investors will be looking to PMI data from the UK and EU mid-morning,” says AJ Bell Investment Director Russ Mould.
“Online trading services provider Plus500’s shares soared after it anticipated that full-year revenues and profits would be significantly ahead of current market expectations. The first two quarters of the year have seen very positive trading but the outcome for the year will be subject to the balance between the benefit of the positive trading conditions set against the possible negative impact of expected regulatory changes in a number of countries in which the group operates. Plus500 has welcomed a co-ordinated approach by regulators and consistent conduct rules across all European jurisdictions. The group’s shares were up by more than 10% in early trading.
“Electrocomponents was one of the strongest FTSE250 risers following a bullish first quarter update. The group has made a strong start to its financial year with underlying revenues up 13% and improved profits despite continued investment to drive future growth. The external macro environment remains uncertain but Electrocomponents has a strong platform and concrete transformation initiatives in place and remains confident about delivering good progress in the current financial year. Electrocomponents’ shares were up by over 1.9%.
“Faroe Petroleum’s shares were up in early trading after it confirmed a successful drill stem test on the 31/7-2 S Brasse appraisal well in the Norwegian North Sea. The well flowed at a maximum stable rate of 6,187 barrels per day with no undesirable components, such as sand or water. A side-track well will now be drilled following to further appraise reservoir distribution. Faroe is the field operator and has a 50% interest alongside Point Resources. Faroe’s shares were up by more than 2.7%.”
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