Latest market news

Miners and Shell boost FTSE

A mining rally and gains at oil major Royal Dutch Shell helped the FTSE rise 0.5% to 7,029.

Shell enjoyed a 1.2% boost to £25.41 while miners Randgold Resources and Fresnillo traded over 4% higher each.

Rio Tinto added 1.7% to £37.36 and Anglo American was up 1% at £17.

On Wall Street, investors fretted about escalating tensions between Saudi Arabia and Western countries, the impact of trade war tariffs and higher borrowing costs.

The tech-heavy Nasdaq slipped 0.8% to 7,432 around 5pm UK time.

Brent crude oil was down 0.5% at $80 per barrel. Copper climbed 1.3% to $2.83 per pound and gold gained 0.7% to $1,227 per ounce.

MID AND LARGE CAP RISERS AND FALLERS

Fashionable hoodie seller Superdry warned annual profits will miss expectations following unseasonably hot weather in the UK, Continental Europe and the East Coast of the US and volatile currency movements. Shares in Superdry plummeted 20% to 812.1p.

Convenience foods firm Greencore sold its US business to contract food maker Hearthside for £817m, helping to strengthen the balance sheet and allow it to return more money to shareholders. Despite the good news, the stock fell 8.9% to 189.1p.

Shares in woundcare specialist ConvaTec crashed 33.1% to 150p after it cut organic growth expectations and forecast earnings margins. The company blamed a change in inventory policy by its largest customer in the Infusion Devices franchise.

SMALL CAP RISERS AND FALLERS

Renewable fuels company Velocys catapulted 35.1% higher to 5.1p on strong progress with a shortlist of strategic investors to invest in its Bayou Fuels bio refinery project in Mississippi.

Disruptive online estate agent Purplebricks reversed 2.3% to 213p on a joint venture with Axel Springer to target the German market with a joint 25.9% stake its German online estate agent Homeday.

Budget shoe seller Shoe Zone revealed annual pre-tax profit will smash expectations at approximately £11m, driving the stock 11.2% to 183p.

Egg-free cakes retailer Cake Box was in demand, up 8.2% at 177p, on news its annual profits are anticipated to be ahead of forecasts, encouraging broker Shore Capital to upgrade its numbers.