London indices went their separate ways on Wednesday as oil and resource shares dropped.
The FTSE 100 Index lost early gains to stand ever so slightly in positive territory, up 6 points at 6,199, but the small-cap benchmark, the FTSE SmallCap, dipped 5 points to 4,535.
Miners and oil service groups dragged the Footsie down, with Anglo American (LON:AAL), Ferrexpo (LON:FXPO), Kaz Minerals (LON:KAZ), Lonmin (LON:LMI) and Amec Foster Wheeler (LON:AMFW) among the biggest fallers.
But Premier Foods PLC (LON:PFD) did its best to prop up the index after it emerged that it had spurned two approaches from US food giant McCormick & Co, opting instead for a co-operation deal with noodle company Nissin. Shares rose 22.25p, 70.6%, to 53.75p.
FTSE SmallCap stalwart, Anglo Pacific Group PLC (LON:APF, TSX:APY), was on the charge, rising 7.8% to 69p after heartening full-year results.
The company, which makes its money from mining royalty and finance deals, posted a strong rise in top line growth as it swung to a profit last year.
Sirius Minerals PLC (LON:SXX) lifted 1.6p to 15.5p, as investors moved back into the stock after the release last week of the definitive feasibility study for its blockbuster York potash project.
Industrial fuel cell company AFC Energy PLC (LON:AFC) was up an eye-catching 14% ahead of the company's full-year results, which are imminent.
Diamond finder Golden Saint Resources Ltd (LON:GSR) made renewal applications to the National Minerals Agency in Sierra Leone for all three of its exploration licences: Tongo, Baja and Moa.
Metal Tiger plc (LON:MTR), the investment company focused on the resources sector, continued its fantastic run this morning, climbing 10.2% to 2.43p, on the back of more positive drilling news from its jointly-owned Kalahari copper belt asset in Botswana.
The shares are now up 187% year-to-date with the latest boost coming from the announcement this morning from Aussie firm MOD Resources Ltd (ASX:MOD), the senior partner in the Kalahari copper belt joint venture, that copper in the latest drill hole, MO-G-13R, confirms mineralisation at the T3 target.
Gulf Marine Services PLC (LON:GMS) continued its up-and-down week, with today being a down day.
The operator of self-propelled and self-elevating support vessels issued results yesterday that sparked a 7% fall in the share price, and today the shares are off 6.34% as a pile of shares – more than two million – were issued to executives under the company's long term incentive plan.
Cluff Natural Resources PLC (LON:CLNR) was up 6.6% at 2p as the company snapped up interests in three North Sea licences with potentially 400 million barrels of recoverable oil and two drill ready prospects.
IronRidge Resources Ltd (LON:IRR) advanced 0.38p, 10.3%, to 4p as shares in the explorer with frontier assets in Australia and West Africa reacted to the recent rise in iron ore prices.
Open: Resilience is the buzzword of the morning
The buzzword in stock markets this morning was “resilience”, with stocks continuing the firmer trend of yesterday afternoon.
Yesterday's terror attacks were still in investors' minds, but with the long week-end approaching investors were happy to increase positions, pushing the FTSE 100 above 6200 to 6,207, up 14 points.
Outside of the blue-chip arena, the mood is also cautiously positive, with the FTSE SmallCap index up eight points at 4,549; the FTSE Aim 100 index up seven points at 3,337 and the FTSE Aim All-Share eight points firmer at 4,549.
Potash project developer Sirius Minerals PLC (LON:SXX) was the top riser on AIM 100, up 7.4%, as bargain hunters move in following the dip seen last week following the release of the definitive feasibility study for its blockbuster York project.
Burford Capital Limited (LON:BUR) climbed 14p to 235p on the back of solid full-year results.
The global finance firm focused on the legal sector saw income increase by 26% to a record $103.0 million in 2015 from $82 million in 2014. The company enjoyed strong organic cash generation, with $140 million in cash produced in 2015, which was more than double the previous year.
Full-year results from gaming and slot machine software specialist Quixant plc (LON:QXT) also came up trumps, with revenue growth in 2015 of 15% and adjusted underlying earnings (EBITDA) 28% higher year-on-year.
Quixant's shares nudged 9p higher to 197.5p.
Cluff Natural Resources PLC (LON:CLNR) has stuck a deal to acquire stakes of up to 25% in three North Sea exploration projects operated by Parkmead Group. It is acquiring the assets for a nominal £1 fee for each project.
The shares advanced 6.4% to 2p.
On the downside, bookie William Hill PLC (LON:WMH) slumped 13.7% to 320p after a profits warning, while vending machines operator SnackTime PLC's (LON:SNAK) long-awaited resumption of trading on Aim gave market makers the chance to mark the shares down by more than a quarter to 5.75p.
Rapid response deep cleaning and decontamination services provider REACT Group PLC (LON:REAT) failed to clean up in 2015, making a loss of £1.21mln, though the loss figure was inflated by one-off items, such as £754,000 of costs relating to its Aim listing and £400,000 of acquisition and Aim admission costs.
Lighthouse Group PLC (LON:LGT) shareholders hoping AFH Financial Group PLC (LON:AFHP) would pull the trigger on the bid it was mulling were left in the lurch, as the provider of independent financial advice found the Lighthouse directors were unwilling to engage in negotiations.
Lighthouse shares dimmed to 12.625p, down a penny on the day, while AFH's shares pulled back 3p to 161p.