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“The FTSE100 started the week on the front foot as traders followed positive equity markets in Asia this morning and a strong close in the US on Friday,” says AJ Bell Investment Director Russ Mould.
“Lonmin’s shares edged up in early trading after the group unveiled new cost-cutting measures. The group’s third quarter update in July noted an improvement in its performance with reduced unit costs and Lonmin is now taking further steps to counter the inflationary cost pressures confronting the platinum mining industry in South Africa. Lonmin’s shares were up by more than 1.8%.
“KEFI Minerals was an early riser after the Ethiopian government lifted the state of emergency which has been in force since October. KEFI continues to progress its Tulu Kapi gold project in western Ethiopia towards development, with support from the government. The World Bank has forecast Ethiopia to be the world's fastest growing economy in 2017. KEFI Minerals’ shares were up by more than 5.8%.
“Defence company Ultra Electronics' organic revenue fell by 6.7% in the first half following a delay in the award of several contracts. Revenue was also hurt by a higher level of lower margin engineering activity and the disposal of the ID business in August 2016. Full-year results will be more heavily weighted to the second half than normal as the US Federal budget was not approved until May and this, together with the general election in the UK, has affected the progress of some contract awards. The group’s shares were down by over 0.4%.”
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