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The Markets
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The Markets
by Proactive
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
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Investments and investor services

Shares shrug off downbeat Chinese data

The Footsie rose 12 points to 6137 while small-cap indices also advanced

Stocks large and small shrugged off downbeat Chinese trade data to edge ahead in early Monday trading.

The FTSE 100 Index advanced about 12 points to 6137 while the AIM 100 Index put on eight points to 3383 and the FTSE AIM All-Share was 1.24 points up at 724.

The big miners were on the slide after China's exports and imports fell more than expected in April.

Chinese authorities said on Sunday that exports fell 1.8% during the month while April imports dropped 10.9% from a year earlier.

That was the 18th month in a row of falling imports, which economists said indicated domestic demand remains weak.

Rio Tinto PLC (LON:RIO) was off more than 4% at 2040p, Anglo American PLC (LON:AAL) subsided 5.6% to 612.8p and BHP Billiton PLC (LON:BLT) lost 2.8% to 821.1p.

But some smaller resource stocks got a boost from their own news announcements.

Iodine producer Iofina (LON:IOF) unveiled record iodine production, making it the second largest producer of iodine in North America.

Revenues fell year-on-year but operational efficiencies helped it to rack up positive earnings in 2015 despite iodine prices. Shares jumped nearly 11% to 15.25p.

Regency Mines was also making progress, up 6.25% at 0.42p, after doing a deal with a private US oil and gas company to bid in an auction under a Chapter 7 bankruptcy proceeding for a 75% non-operating working stake in an existing well in oil-rich Wyoming. Regency will get a net revenue interest of 60%.

Elsewhere, mobile payments company Bango plc (LON:BGO) lifted nearly 18% to 56.5 on news that it was buying US carrier billing service BilltoMobile, adding $80mln (£55mln) annual US-based end-user spend to the Bango payment platform.

Allergy Therapeutics plc (LON:AGY) was 2.4% healthier at 24.25p as it revealed positive top-line results from the PQBirch204 Phase II study for birch-induced seasonal allergic rhinitis.

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