FTSE advances on resources as Brexit talks begin
Shares in London advanced on Monday as sterling was buffeted by the dollar and Brexit talks between the UK and EU began. Mining stocks advanced strongly thanks to rises in industrial metals prices.
Although gold and silver prices were on the back foot, that for copper was up almost 1%. Three-month prices for tin, zinc and aluminum were doing well, too.
That translated to share-price rises for Glencore (GLEN), up 2.93% to 287.95p, with Anglo American (AAL) adding 1.95% to 986.2p and Rio Tinto (RIO) firming 1.45% to 3088p.
More in the sector chased, but gold-sensitive Randgold (RRS) and Fresnillo (FRES) declined.
The FTSE 100 closed up 60.27 points, or 0.81%, to 7523.81, and the FTSE 250 rose 56.91, or 0.29%, to 19,873.3. Around the same time, Wall St was rising in early deals, while Europe also posted healthy gains.
UK's Brexit secretary, David Davis, and the EU's chief negotiator, Michel Barnier, met in Brussels to begin Brexit negotiations.
Oil majors BP (BP.), up 1.29% to 472.68p, and Shell (RDSA), ahead 0.73% to 2130.5p, gained with crude's pricing this afternoon.
Financials such as insurers and banks were doing well overall, as were leisure, pharma, consumer goods, commercial property and house builders. Not all in these sectors rose.
Meanwhile, Rightmove data showed that UK house and apartment asking prices slipped in June. The average asking price fell 0.4% in June, from a 1.2% rise in May.
In France, President Emmanuel Macron's party won a majority in that country's parliament, which added to the gains on the Cac 40.
Oilex (OEX) gained 48.57% to 0.27p after announcing material progress in the resolution of the outstanding cash calls owing to the Cambay and Bhandut PSCs. It separately requested an immediate trading halt on its Australia-listed shares pending an announcement.
Microsaic Systems (MSYS) down 21.9% to 2.05p, warned its H1 and FY 2017 revenue would be significantly lower than for 2016, but said lower overheads due to cost reduction plans implemented meant its FY pretax loss was seen broadly in line with 2016.
TLA Worldwide (TLA) fell 21.28% to 18.5p after updating on its accounts, noting a total hit to headline EBITDA for FY 2016 of about $3.6m and provisions against trade and other receivables resulting in a one-off charge of about $3.2m.
Mosman Oil & Gas Ltd (MSMN), down 11.11% to 1.4p, has raised £600,000 via a placing and subscription of 42.9m new shares at 1.4p each.
InnovaDerma (IDP), up 7.13% to 383p, said it expected its FY revenue and profits to be well ahead of expectations.
MTI Wireless Edge (MWE), up 8.25% to 26.25p, subsidiary Mottech Water Solutions has agreed to establish a JV company (Mottech China) with Omega Technologies (OTL). Mottech China would be 60% owned by MTI.
Xtract Resources (XTR), up 3.57% to 0.01p, said wholly-owned Mozambique subsidiary Explorator Ltd has concluded a Mining Contractor agreement with Omnia Mining Ltd and Moz Gold Group Ltd for the exploitation of alluvial gold deposits at its Manica mining concession in Mozambique.
Other stocks in the news included Mineral & Financial Investments (MAFL), Ortac Resources (OTC), Sinclair Pharma (SPH), ReNeuron (RENE), CareTech (CTH), Filtronic (FTC), Bonmarche (BON), Workspace (WKP), Avanti Communications (AVN), Custodian REIT (CREI), CyanConnode (CYAN), Premier Technical Services (PTSG), Atlantis Resources (ARL), Velocys (VLS), FastForward Innovations (FFWD), John Laing Environmental Assets (JLEN), Cairn Energy (CNE), Green & Smart (GSH), Integumen (SKIN) and Flowgroup (FLOW).