UK stocks open 0.9% higher; pound under pressure

Writer, Stock Market Wire
Monday, February 11, 2019 - 09:02

UK stocks opened higher on Monday as the potential for a disorderly Brexit continued to pile pressure on the pound, helping exporters.

At 0855, the benchmark FTSE 100 index was up 64.15 points, or 0.9%, at 7.135.33.

Gold miner Acacia Mining slipped 1.0%, despite swinging to an annual profit, as it forecast a broadly flat production performance in 2019.

Polymetal International rose 1.1% after it gave a green light to its Pox-2 gold project in Russia following completion of a feasibility study.

Consumer goods group UP Global Sourcing, also known as Ultimate Products, jumped 13% as it forecast annual earnings ahead of current market expectations thanks to a jump in sales.

Self-storage group Lok'nStore climbed 2.4% as it boosted its first-half revenue by 7.7%.

Residential property developer Telford Homes rose 2.6% after it exchanged contracts to acquire a site in Stratford, London for £20.0m.

Primary Health Properties added 0.5% on announcing that it had acquired medical centre group Chapeloak Investments for £5.4m.

OptiBiotix Health gained 3.1% after subsidiary ProBiotix Health appointed EIWA Trading as the exclusive distributor of its cholesterol and blood pressure-reducing probiotic product in Japan.

Gambling group Stride Gaming rallied 8.2% said it was considering strategic options including a potential sale of the company.

Property investor Palace Capital said it had awarded a £35m contract to Yorkshire-based Caddick Group to undertake the construction phase of its Hudson Quarter development in York. Its shares were unchanged.

Solo Oil gained 2.6% as it announced the departure of chief executive Dan Maling following the completion of a strategic review.