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The Markets
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Proactive UK has moved.
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

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FTSE100 finishes flats as traders digest global data

The FTSE 100 finished flat - at 0.09% higher - as investors digested mixed data from around the world.

That included UK retail sales (higher), Chinese manufacturing (negative) and US manufacturing stats (a fall).

FTSE100 closed at 7,013 - up 0.09% or 6.21 points, with fund manager Aberdeen Asset Management (LON:ADN) the biggest gainer, up 2.19%.

Mining stocks were given a boost by the Australian Treasury as it stated the country will not conduct an inquiry into the iron ore market.

Fresnillo (ON:FRES) climbed 0.26% to 761p, while mining giant Rio Tinto (LON:RIO), also benefitted, rising 0.23% to 2,873.5p.

Meanwhile, housebuilder Taylor Wimpey (LON:TW.) shed 4.07% to 184p, as it traded ex-dividend.

The big news away from Footsie was that food wholesaler Booker Group (LON:BOK), which added 11.84% to 170p, as it announced it is to buy Budgens and Londis owner Musgrave Retail Partners GB Limited for £40mln.

Convenience store chain Londis and grocery chain Budgens will join incumbent brands Premier and Family Shopper which are already owned by the UK’s largest cash-and-carry chain. Shares jumped 11% to 168p.

Elsewhere on the FTSE 250, shares in QinetiQ (LON:QQ.) advanced after the defence technology specialist beat analyst estimates with a rise in profit.

The company, whose products include bomb disposal robots, reported a 7% rise in underlying profit for 2015 to £107mln.

In small caps, it has been a good morning for tech companies as Concurrent Technologies (LON:CNC) joined Phoenix in making a big gain.

Concurrent, a specialist in the design and manufacture of mission critical computer products, said first half revenues will be ahead of expectations.

Directors used the word ‘exceptional’ when describing the year the company is having, likely bringing a smile to shareholder’s faces.

Revenues are expected to far exceed the £5.6mln recorded in the first half of 2014. Shares in Concurrent added 13.79% to 49.5p.

Elsewhere, Gem Diamonds (LON:GEMD) revealed it was boosted by an increase of sales and prices as production and grades slipped.

Carats recovered in the first four months of 2015 were 8% lower while grades slipped 3%.

There was good news as the company, known for uncovering monstrous sized diamonds, was able to sell almost 36,000 carats at a value of US$77mln, an uptick of 14% on the previous quarter. Shares added 0.17% to 149.5p.

The Emirates National Oil Company (ENOC) is proposing to pay 735p per share to take over Dragon Oil (LON:DGO). ENOC is already Dragon’s largest shareholder, with 53.9% of the company.

Dragon, which is being advised by City broker Nomura, in a statement told investors that its independent committee was now considering the offer. Dragon shares added 5.43% to 680p.

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