FTSE 100 consolidates cautious gains on miners, oilies

London blue chips are consolidating their cautious early gains thanks to mining and oil heavyweights benefiting respectively from rises in the prices of gold and crude.

Anglo American (AAL) led with a 3.65% gain to 1129.25p, while Glencore (GLEN) added 3.07% to 269.05p. Shell (RDSA) rose 1.9% to 2022.75p and BP (BP.) firmed 2.22% to 457.58p. More chased.

Oil's rise was on hopes of OPEC capping output later this month, although that was far from a certainty.

At about 11.36am, WTI crude was up 1.97% to $46.59/bbl and Brent was up 2.07% to $47.83/bbl. Gold was ahead 0.48% to $1214.5/oz.

Also up were multiple financials led by Standard Chartered (STAN), ahead 1.41% to 634p and HSBC (HSBA), rising 0.76% to 638.6p. Multiple insurers firmed, too.

Approaching noon, FTSE 100 was up 39.26 points, or 0.58%, to 6815.03, while FTSE 250 fell 46.51, or 0.26%, to 17,612.7.

Blue-chip risers and fallers were roughly evenly split. The downside was studded with retail-related and commercial property.

Marks & Spencer (MKS) faded 1.89% to 330.05p, while Next (NXT) lost 1.62% to 5007.5p. British Land (BL.) surrendered 1.28% to 595.75p, while Land Securities (LAND) ebbed 0.98% to 984.75p.

GlaxoSmithKline (GSK), down 0.21% to 1519.25p, has filed a regulatory submission with the US FDA for the once-daily, closed triple combination therapy fluticasone furoate/umeclidinium/vilanterol (FF/UMEC/VI 100/62.5/25 mcg) for patients with chronic obstructive pulmonary disease (COPD).

BIGGER MOVERS

China Africa Resources (CAF) fell 45.45% to 3p as it issued a business update, which included details of a proposed restructuring, £1m fundraise and transition into a cash shell seeking a reverse takeover transaction primarily focused on the energy metals and minerals sector.

African Potash (AFPO), down 47.73% to 0.12p, said its nominated adviser, Cantor Fitzgerald Europe, has given notice of its intention to resign, effective from Dec. 7.

Senterra Energy (SEN), down 41.18% to 2.5p, said its plans to acquire Oasis Smart Sim Pte Ltd have terminated by that company. It believes a replacement transaction will be found. Its shares have been restored to trading.

LONDON HIGHLIGHTS

Bos Global Holdings (BOS), up 36% to 6.63p, announces the execution of a distribution deal between subsidiary, Bos Distributions and Ag-I Solutions Ltd. This secures Bos distribution of Ag-I Solutions products globally, and first rights to acquire the underlying IP.

Instem (INS) fell 24.35% to 217.5p as it said its FY results are expected to be behind market expectations. It said there was a range of possible outcomes for the year, dependent on the timing of new contract wins.

Plutus PowerGen (PPG), up 22.12% to 3.18p, has received an offer by a leading Big Six multinational utility company to fund up to 20% of any 20MW renewable fuel or gas powered flexible energy projects going forward.

Arria NLG (NLG), down 19.15% to 9.5p, has received £1.1m of the £2.7 million relating to loan notes it announced on Oct. 3. It expects to receive the balance of about £1.6m by Dec. 15.

Intelligent Energy (IEH), down 16.63% to 10.63p, said its FY revenues rose to £91.8m, up from £78.2m. Its loss before interest, tax, depreciation and amortisation was £33.4m, from £46.2m.

Alternative Networks (AN.), up 16.65% to 332.75p, has recommended an offer from Daisy Intermediate Holdings Ltd. Shareholders would receive 335p a share in cash, valuing Alternative Networks at about £165.3m.

Essentra (ESNT), down 18.72% to 401.75p, said its FY 2016 outlook is now for a like-for-like revenue decline in line with the first half out-turn of -7%, with adjusted operating profit in the range of £137m-£142m, revised from £155-£165m.

Thalassa (THAL), up 13.16% to 43p, has issued a trading update for subsidiary WGP Group (WGPG) following successful completion of the autumn Permanent Reservoir Monitoring programmes in the North Sea.

Other stocks in the news included Mitie Group (MTO), Blue Prism (PRSM), Omega Diagnostics (ODX), Frontier IP (FIPP), Red Rock Resources (RRR), Premaitha Health (NIPT), SigmaRoc (SRC), Costain (COST), Personal Group (PGH), Kibo Mining (KIBO), Georgia Healthcare (GHG), Chemring (CHG), Safeland (SAF), Chamberlin (CMH), Barloworld (BWO), Palace Capital (PCA), Diurnal (DNL) and EnQuest (ENQ).