FTSE resumes upward bent ahead of inflation data

London stocks resumed their upward trajectory this morning on the back of heady gains among miners, supermarkets, property stocks and some high-street retailers.

The market is looking to a raft of UK and US inflation data out today. Informa (INF) guided blue chips higher with a 2.87% surge to 680p.

It was followed by Randgold (RRS), up 2.6% to 6997.5p, Rio Tinto (RIO), up 1.96% to 2639.25p, and BHP Billiton (BLT), up 1.78% to 1214.75p. Polymetal International (POLY), up 2.38% to 870.25p, is firmly on track to meet its annual production and cost guidance.

Soon after the open, FTSE 100 was up 59.58 points, or 0.86%, to 7007.13, while FTSE 250 was ahead 161.67, or 0.91%, to 17,954.2. At 8.39am, WTI crude was up 0.94% to $50.41/bbl and Brent was up 0.95% to $52.01/bbl. Gold was ahead 0.48% to $1262.6/oz.

Overall, risers outnumbered fallers 91 to nine. Every sector was represented to the upside in a session that has so far been rich in blue-chip corporate news. Commercial property followed Intu (INTU), up 1.79% to 292.55p. House builders traced Barratt (BDEV), ahead 1.3% to 474.8p.

Tesco (TSCO), up 1.78% to 204.88p led supermarkets. Retail outfit Next (NXT) added 1.27% to 4561p, but Burberry (BRBY) dived 6.32% to 1416.5p, said its ambitious revenue growth and productivity plans were on track. H1 total revenue fell 4% on an underlying basis to £1,159m.

Legal & General (LGEN), up 1.17% to 208.1p, said Sir John Kingman will take up his appointment as group chairman with effect from 24 October.

Bellway (BWY), up 2.87% to 2314.5p, has reports another record year, further increasing the number of new homes sold, which has resulted in a substantial growth in earnings. EPS rose 42.0% to 328.7p, with proposed total dividedn up 40.3% to 108p.

Vodafone (VOD), up 0.37% to 225.28p, and HiWEB, an Iranian ISP, today jointly announced a new non-equity Partner Market agreement for Iran.


DiamondCorp (DCP), up 29.27% to 2.65p, said mining has resumed mining at the Lace diamond mine and also announced that it has put itself up for sale.

Hardide (HDD), up 17.14% to 1.03p, expects to report FY results in line with current market forecasts, with H2 seeing an improvement over H1, as projected at the time of the interim results.

Chaarat Gold (CGH), up 14.68% to 9.49p, has declined a cash offer -- at a premium of about 30% -- to buy the Chaarat deposit. It said the expression did not reflect the concrete progress it was making towards crystallising the underlying value of the deposit.

Premier African Minerals (PREM), down 12.5% to 0.35p, has acquired a 4.5% stake in Casa Mining (CASA), which holds prospective gold mining and exploration licences in the Democratic Republic of Congo. It also raised £0.3m at 0.32p a share to fund the deal and for working capital.


Marshall Motor Holdings (MMH), up 10.22% to 151p, notes the recent movement in its share price and, other than general speculation surrounding the potential impact of Brexit on the UK economy and the automotive sector in particular, directors know of no reason for this movement.

Mkango Resources (MKA), up 6.67% to 4p, said the Government of Malawi has granted a further two-year renewal for Exclusive Exploration Licence (EPL) 0284, in south-east Malawi.

Solo Oil (SOLO), up 4.44% to 0.24p, said site preparations for the Ntorya-2 appraisal well have now been completed and that mobilisation of the Caroil#2 rig from the Ntorya-1 wellsite is underway.

Utilitywise (UTW), up 4.21% to 5.38p, has improved its FY pretax profit to £18.4m, from £14.1m. Total dividend was 6.5p a share, from 5.0p. Revenue was £84.4m, from £69.1m.

1Spatial (SPA), down 3.23% to 3.75p, has widened its H1 pretax loss to £2.1m, from a year-ago loss of £0.8m. Revenue was £13.4m, from £20.7m. It expects to deliver growth in FY adjusted EBITDA in line with market views.

ASOS (ASC), down 3.07% to 5168.5p, has reported FY retail sales up 26% to £1,403.7m, driven by strong product, delivery improvements and further price investments across its major markets. Continuing pretax profit before exceptionals rose 37% to £63.7m.

Ladbrokes (LAD), up 2.54% to 141.4p, was confident of delivering FY results in line with its expectations after its fourth consecutive quarter of year-on-year net revenue growth in Q3.

Orogen Gold (ORE), up 2.44% to 0.02p, is strongly encouraged by preliminary modelling of its 2016 drill results at Mutsk, Armenia, and has step-out holes planned to the north and south with an immediate drilling start-up.

Shanta Gold (SHG), up 2.3% to 11.13p, said Q3 has been another solid quarter, setting it up to deliver at the top-end of FY production guidance and once again improving its position on costs with a further reduction in target AISC to US$690 - 740 /oz, from US$730 - 780 /oz.

William Hill (WMH), up 1.94% to 310.8p, said that, after canvassing views from several major shareholders, its directors have decided the company will not pursue merger discussions with Amaya.

Other stocks in the news included Paragon Entertainment (PEL), Hays (HAS), InterQuest (ITQ), Clinigen (CLIN), Rare Earth Minerals (REM), Polymetal International (POLY), Future (FUTR), Botswana Diamonds (BOD), Tethyan (TETH), Accesso Technology (ACSO) and Altona (ANR).