OPEN
Iodine producer Iofina plc (LON:IOF) helped small cap shares move higher on Tuesday, while miners and commodity stocks propelled FTSE100 higher.
The US-focused AIM share announced a new debt restructuring deal which also sees it secure an additional US$10mln of funding.
Shares added almost 14% in early deals to stand at 20.50p a pop.
FTSE AIM 100 was up 0.26% to 3,512, while the FTSE AIM All share gained 0.26% to stand at 745.290.
Meanwhile, bigger brother FTSE100 gained over 42 to stand at 6,316 at the time of writing.
Higher metals prices bolstered the big diggers, with BHP Billiton PLC (LON:BLT) top Footsie riser, up 2.83% to 910.90p. The second biggest riser was Rio Tinto PLC (LON:RIO), which added 2.7% to 2,070p.
Another standout junior was bioplastics group Symphony Environmental Technologies plc (LON:SYM), which rose 10.64% to 6.50p as it signed a three-year deal with Pakistan International Airways to convert the airline's plastic packaging into d2w biodegradable plastic.
PIA is the first airline in the world to convert all of its flexible plastics to d2w oxo-biodegradable technology, so it's a significant deal.
Independent Oil & Gas PLC (LON:IOG) spurted around 15% higher to 21.13p as the market cheered news that it plans to drill the Skipper appraisal well in the UK North Sea during next month.
On the losing front, life sciences group ValiRx Plc (LON:VAL) shed over 7% to 8.75p as it issued a quarterly update, saying it was to broaden the phase I/II clinical trial of its lead cancer drug VAL 201 to speed up the dose expansion stage.
The enlargement will allow it to complete the prostate cancer trial within the projected and regulatory-agreed time frame.
ValiRx added it has also started preparatory work on a full efficacy study (phase III) of the drug in prostate cancer treatment.
Britain's blue chips headed north, pushing aside any Brexit fears, and taking the cue from higher markets in Asia and across the Pond overnight after Fed chair Janet Yellen hinted a rate rise this month was not likely.
The oil price is also higher, with Brent crude up 0.96% to US$50.34 at the time of writing.
Shell shares (LON:RSDB) ticked over 2.5% higher to 1,755.5p as the energy titan revealed it expected to “achieve and exceed the US$3.5bn synergies prospectus commitment earlier than expected" in it e merger with the giant gas group BG (LON:BG.)
PREVIEW
The FTSE 100 is expected to follow on yesterday’s positive trading, to open slightly higher on Tuesday.
It was the mining sector that helped London’s bluechip benchmark rise on Monday, and after the close US stocks pushed on.
Wall Street last night marked another positive day. The Dow Jones gained 113 points, 0.64%, to end Monday at 17.920 while the S&P 500 added 0.49% to 2,109 and the Nasdaq gained 0.53% to 4,968.
In Asia, Hong Kong’s Hang Seng moved around 1.3% higher to 21,300, and the Shanghai Composite nudged slightly higher.
Here in London, spreadbetting and CFD group IG Markets sees the FTSE 100 about 6 points higher at 6,288 to 6,290 about half an hour ahead of Tuesday’s open.