“The FTSE100 opened in negative territory following falls in US markets overnight as concerns over the level of global economic growth and ongoing political issues closer to home continued to weigh on sentiment,” says AJ Bell Investment Director Russ Mould.
“Construction and housebuilding group Galliford Try was one of the biggest FTSE250 risers after a bullish update. Galliford Try continues to see good market conditions across its three businesses with the order book for its partnerships and regeneration arm at record levels and construction orders also up on a year ago. Galliford Try’s shares were up by more than 1.6%.
“Metals and mining group Vedanta swung into the black in the first half following record production and higher commodity prices. Vedanta is committed to delivering strong shareholder returns and maintaining a strong balance sheet but also continues to invest in profitable growth projects and it is well positioned to capture the benefits of sustained commodity demand in India for many years to come. Vedanta’s shares were virtually flat in early trading.
“Gulfsands Petroleum’s shares fell after it decided to exit Morocco. Gulfsands has been unable to find a partner to help develop the Moulay Bouchta project and will start winding down its activities in Morocco immediately. Leaving, though, will come at a cost with the Moroccan authorities expected to call in $1.75m of restricted cash held as performance guarantees and possible other penalties against the group’s subsidiary, Gulfsands Petroleum Morocco. The group’s shares were down by 6% in early trading.”
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