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

Pharma & Biotech

UK shares finish as they started as traders eye Fed meet

UK shares ended the day in similar fashion as they begun, with big caps outshining smaller stocks.

UK shares ended the day in similar fashion as they begun, with big caps outshining smaller stocks.

FTSE100 closed 23 higher at 6,284, while the FTSE AIM100 was 0.51% down at 3,411 and the FTSE AIM All share lost 0.3% to 729.540.

On Wall Street, the Dow is up 0.10% to 17,995, and the Nasdaq is 0.01% lower.

It comes as traders on both sides of the Atlantic assess corporate earnings and wonder what the Fed may do on rates at the end of a two day meeting, which starts today, although general consensus is a cautious stance will be maintained.

Michael Hewson, at CMC Markets, said: "No one seriously expects the Federal Reserve to move on interest rates this week, despite continued jawboning from several Fed members that they still expect to see multiple interest rate rises this year.

"This apathy about the prospect of multiple rate rises is borne out by market participants only assigning a 19.6% probability of a move in June, which seems a long way out of sync with a lot of the recent rhetoric from a number of Fed policymakers. On the margins there are some who are leaning towards a cut in rates, albeit by 1.6%.

Small miners were bolstering junior indexes.

Among top ten risers was Greatland Gold (LON:GGP), which added over 31% to 0.32p each as director Paul Johnson bought over 2.2mln shares in the firm at an average price of 0.24p.

Also continuing the good run was Strategic Minerals (LON:AML), which was up over 41% to 0.40p riding the wave of higher iron ore prices and a potential start of drilling at the Hanns Camp nickel/copper prospect in Australia.

Elsewhere, Mirada PLC (LON:MIRA), the digital television software provider, also sparked over 8% higher to 4.75p as it inked what it called two value added agreements with resellers in India and Latin America to expand Mirada's presence into Asia and the Pacific region.

On the flip side, portable hotel group Snoozebox (LON:ZZZ) was the biggest laggard in London as its decline continued after the resignation of chief executive Lorcán Ó’Murchu. Shares crashed 60% lower to 0.44p.

On the Footsie front, Standard Chartered (LON:CHAN) was the biggest winner, up almost 10% to 571.70p despite it reporting a 59% drop in first-quarter profit amid depressed commodity prices, volatility in Chinese markets and weak emerging market sentiment, but investors welcomed signs the bank was beginning to turn things around as loan impairments dropped.

The biggest loser was drugs giant AstraZeneca (LON:AZN), down 1.98% to 4,003p.

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