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UK shares closed higher on Tuesday as Chilean miner Herencia Resources PLC (LON:HER) took the prize for top London riser.
It came as investors mulled UK trade deficit numbers, a strong start on Wall Street and continued Brexit fears.
At the time of writing the Dow Jones on Wall Street is over 191 points higher.
In the first quarter the gap between imports and exports was £13.3bn, up from £12.2bn in the fourth quarter of 2015 - and the biggest since 2008- more evidence of a slowdown.
But traders appeared to shrug this off. FTSE100 closed over 37 higher, at 6,152, while FTSE AIM100 gained 3.6 to stand at 3,389. The FTSE AIM All share added just 0.61 of a point at 724.100.
Outsourcer Capita was the biggest riser, adding over 5% to 1,077p as it revealed 4% organic sales growth in 2016 despite having secured less than half the amount of contracts as at the same time last year.
Herencia Resources PLC (LON:HER) added 62.5% to 0.03p as it offloaded a silver-zinc-lead project, releasing funds for other schemes. The offer is for its Paguanta project and was from Golden Rim Resources (ASX:GMR).
As well as receiving up to US$2.3 million in cash and GMR equity, GMR has agreed to pay up to US$2.1mln towards various contingent liabilities.
Herencia said it planned to use the proceeds to develop its other projects in Chile, for working capital and to study new opportunities.
In addition to Paguanta, Herencia also has the Picachos and Guamanga copper projects.
Tavistock Investments PLC (LON:TAVI) was also in the money after reporting considerable progress in the year to the end of March. Shares rose over 28% to 5.45p.
The concert party headed by Patagonia Gold’s (LON:PGD) chairman Carlos Miguens has increased its stake in the Latin American gold miner to 47.9% following the closure of an open offer that raised just over £6.9mln. Shares gained over 12% to 1.63p.
At the other end of the scale, Aureus Mining (LON:AUE) tumble over 30% to 4.50p as the TSX and AIM-listed West African gold producer temporarily suspended operations at its New Liberty gold mine in Liberia due to technical problems.
Other notable risers were Metminco (LON:MNC), up 15% to 0.23p and Ferrum Crescent (LON:FCR), which added 14.81% to 0.16p.
Zamano (LON:ZMNO) dropped over 13% to 9p each as its emerged Ross Conlon had tendered his resignation as chief executive and director with effect from May 9 to pursue other interests
MIDSESSION
Herencia Resources PLC (LON:HER) led London shares higher on Tuesday after the Chilean miner offloaded a silver-zinc-lead project, releasing funds for other schemes.
Herencia shares rose 0.02p, or 87.5%, to 0.04p after it said it had received an offer for its Paguanta project from Golden Rim Resources (ASX:GMR).
As well as receiving up to US$2.3 million in cash and GMR equity, GMR has agreed to pay up to US$2.1mln towards various contingent liabilities.
Herencia said it planned to use the proceeds to develop its other projects in Chile, for working capital and to study new opportunities.
In addition to Paguanta, Herencia also has the Picachos and Guamanga copper projects.
Managing director Graeme Sloan said: “Paguanta has been with the company a long time and although we believe in the project and a zinc price revival, the timing of this continues to frustrate the company.
“Given our requirement for funds and focus on Picachos, the board felt the decision to divest of Paguanta at this time is the right one for shareholders.”
The FTSE 100 was having a rollercoaster session, hitting an intraday high of 6180 before slipping back to stand 18 points ahead at 6132.
The AIM 100 Index gained nearly eight points to 3394 and the AIM All-Share advanced a point to 724.34.
Tavistock Investments PLC (LON:TAVI) was also in the money after reporting considerable progress in the year to the end of March. Shares rose more than a quarter to 5.38p.
Tavistock, which offers financial advisory and investment management services to more than 70,000 UK clients via 328 advisers, said all its operating businesses were trading profitably and its assets under influence were estimated to be £4bn.
Cluff Natural Resources PLC (LON:CLNR) ticked up 4.3% to 1.22p on news that the southern North Sea-focused investor had bought Verus Petroleum's stake in three traditional oil and gas licences in the Central North Sea and the Moray Firth, which are run by The Parkmead Group (LON:PMG).
At the other end of the scale, Aureus Mining (LON:AUE) tumbled 42% to 3.75p as the TSX and AIM-listed West African gold producer temporarily suspended operations at its New Liberty gold mine in Liberia due to technical problems.
Meanwhile, analysts said there was tentative hope in the air about Greece after the Eurogroup held its first serious discussion about debt relief for the Mediterranean nation.
Connor Campbell at Spreadex said: "Now all that has to be done is for the country to outline a post-fiscal target failure contingency plan and implement some more unpopular reforms in the next fortnight, before the finance ministers meet once again on May 24. Easy!"
Miners were on the up after Monday's falls caused by disappointing Chinese trade data.
Anglo American PLC (LON:AAL) lifted 2.6% to 574.1p, BHP Billiton PLC (LON:BLT) put on 1.7p to 795p and Rio Tinto gained 2p to 1966.5p.
LONDON OPEN
London shares were on the front foot on Tuesday amid optimism about a potential breakthrough in talks over Greece.
The FTSE 100 opened with a slight dip then suddenly recovered 47 points to 6161. Small-cap indices were also up, with the AIM 100 Index gaining six points to 3392 and the AIM All-Share advancing a point to 724.5.
Analysts said there was tentative hope in the air after the Eurogroup held its first serious discussion about Greek debt relief.
Connor Campbell at Spreadex said: "Now all that has to be done is for the country to outline a post-fiscal target failure contingency plan and implement some more unpopular reforms in the next fortnight, before the finance ministers meet once again on May 24. Easy!"
Miners were in mixed form after Monday's falls caused by disappointing Chinese trade data.Anglo American PLC (LON:AAL) was 0.6% off at 556.2p, Rio Tinto PLC (LON:RIO) fell 4p to 1960.5p, but BHP Billiton PLC (LON:BLT) put on 2.3p to 795.6p.
In the small-cap arena, Herencia Resources PLC (LON:HER) more than doubled to 0.0425p as the company agreed to sell its 70% stake in the Paguanta zinc, silver and lead scheme in northern Chile to Golden Rim Resources for up to US$2.3mln.
Cluff Natural Resources PLC (LON:CLNR) ticked up 4.3% to 1.22p on news that the southern North Sea-focused investor had bought Verus Petroleum's stake in three traditional oil and gas licences in the Central North Sea and the Moray Firth, which are run by The Parkmead Group (LON:PMG).
At the other end of the scale, Aureus Mining (LON:AUE) tumbled 40% to 3.875p as the TSX and AIM-listed West African gold producer temporarily suspended operations at its New Liberty gold mine in Liberia due to technical problems.
Back in the top-flight, the six months to the end of March is traditionally a fallow period for budget airline easyJet PLC (LON:EZJ).
Profit before tax on a constant currency basis was £5mln, down from £7mln in the same period last year. Using actual exchange rates, the company fell into the red, as expected, with a loss before tax of £24mln. Revenue edged up to £1,771mln from £1,767mln.
Capita PLC (LON:CPI): To date in 2016, Capita has secured contracts with an aggregate value of £458mln. That's up from £251mln at the end of February. The outsourcing giant said it had made a solid start to 2016.
“The combination of increased organic growth across our divisional businesses and the steady conversion of our bid pipeline provides us with greater visibility and confidence of achieving our target organic revenue growth of at least 4% this year, and we are on track to meet consensus expectations for 2016,” the company said.
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Preview at 07.05
Despite mixed signals from overseas markets overnight and this morning, UK shares are set to open on the front foot.
Spread betting quotes point to the FTSE 100 opening its account at around 6,140 after closing last night at 6,115.
In the US, the Dow Jones industrial average retreated 35 points to 17,706 but the broader-based S&P 500 advanced a couple of points to 2,059 while the tech-heavy Nasdaq Composite was up 14 points at 4,750.
Despite mixed signals from overseas markets overnight and this morning, UK shares are set to open on the front foot.
Spread betting quotes point to the FTSE 100 opening its account at around 6,140 after closing last night at 6,115.
In the US, the Dow Jones industrial average retreated 35 points to 17,706 but the broader-based S&P 500 advanced a couple of points to 2,059 while the tech-heavy Nasdaq Composite was up 14 points at 4,750.
Heading towards the close in Asia, the Nikkei 225 in Japan was 340 points higher at 16,56 while in Hong Kong the Hang Seng was down 33 at 20,122.
Headlines
Deal to increase oil prices may be dead in the water: Hopes of a meaningful deal to boost oil prices were evaporating, after Saudi Arabia’s appointment of a new oil minister consolidated the grip of a powerful reformist prince who has said that he does not care about the price of crude.
Housing bubble ‘has burst’ after sellers slash asking prices by average of £25,265: The housing bubble has burst, analysts have said, after sellers started slashing money off their asking prices and accepting offers up to 10% less than the property was listed.
Tata Steel says seven firms in frame to bid for rest of UK operations: Seven firms are weighing up bids for Tata Steel’s entire UK business, the company has revealed, raising hopes of a rescue deal that could save up to 12,000 jobs.