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FTSE 100 fades

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After a bright start, UK equities ended the day in the dumps as US markets fell away.

The FTSE 100 finished down 50 points at 6,432.

Growing fears about the Ebola virus crisis hit travel shares such as IAG, TUI travel and EasyJet, while Vodafone (LON:VOD) was down 3.4% as Japanese broker Nomura downgraded the mobile phones network operator to ‘reduce’ from ‘neutral’.

Broker comment was more helpful to miners, with Numis upgrading Antofagasta (LON:ANTO) and Randgold Resources (LON:RRS).

Outside of the top tier, London Mining (LON:LOND) shares might have experienced the “dead cat bounce” as the doubled to 1.55p, having taken a hammering recently as emergency funding talks drag on.

New British Palm Oil (LON:NBPO) rocketed 73% higher to 670p after Sime Darby unveiled a 715p per share cash offer for the company.

Sable Mining (LON:SBLM) advanced 15% after updating on its high-grade Nimba iron ore project in south-east Guinea.

With the original planned drilling programme finished there is currently no activity on site and therefore the company is not experiencing any delays as a result of the current Ebola outbreak in West Africa.

Sable’s current cash position of US$11.3mln means it is fully financed to complete the bankable feasibility study.

The first well on the US$65 million contract for Essar Oil in India has been spudded by Greka Drilling (LON:GDL), it told investors, who hailed the news and sent the shares up 12.36%.

Beacon Hill (LON:BHP) finished 12% higher after signing an agreement to sub-lease its rolling stock to an unnamed party.

ITM Power (LON:ITM) released a well-received trading update a couple of days ago and was on the rise again today, up 9%, as it flagged up the £11mln investment by the government to set up an initial network of up to 15 hydrogen refuelling stations by the end of 2015.

Enegi Oil (LON:ENEG) said newly available well data confirms that the Phoenix project’s oil bearing sands are contained within a simple and relatively low risk structure.

That news sent the shares up 10.5%.

Utility metering specialist Cyan Holdings’ (LON:CYAN) dial moved 6.7% higher as it revealed its executive chairman, John Cronin, will participate in a round table event with P K Sinha, India’s Secretary of Ministry of Power, on 15 October 2014.

On the downside, Gresham Computer (LON:GHT) shed almost one-third of its value after a profit warning.


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