Blue-chip shares were off the pace on Wednesday after a mixed performance by US and Asian bourses, but small-caps were up.
The FTSE 100 Index fell 2.28 points to 6282 in early trading after the Dow Jones Industrial Average ended slightly up, but the Shanghai Composite finished down.
But the FTSE Small Cap Index was 0.16% to the good after Horizonte Minerals Plc (LON:HZM, TSX:HZM) secured a preliminary environmental licence for a nickel mine and beneficiation plant at Araguaia in Brazil. Its shares raced 11.8% to 2.38p.
Oilex Ltd (LON:OEX) was up 17.65% at 0.5p on news that the India-focused gas junior had settled a legal dispute with former funding partner Zeta Resources.
And Highlands Natural Resources Plc (LON:HNR) inflated 7.75% to 73p as it announced an “extremely low cost” acquisition of exploration licences in Montana identified as a possible natural gas and helium play.
But Croma Security Solutions Group PLC (LON:CSSG) tumbled 17.6% to 36.25p after it overstated pre-tax profit last year and in the first six months of this year due to an administrative error.
And online fashion retailer Koovs PLC (LON:KOOV) was down 6.2% at 45.25p as it confirmed a strategic investment in the company of £3mln before costs from HT Media Limited through a share issue.
Back in the top flight, Sainsbury’s PLC (LON:SBRY) pared early gains to stand 2.1p off at 244.6p as it revealed a first quarter sales fall, albeit less than some analysts had expected.
Worldpay Group PLC (LON:WPG), the foreign currency payment giant, was among the biggest fallers with a 1.6% loss to 275.9p.
Miners were having a good morning, with Glencore PLC (LON:GLEN) up 3p to 143p, Anglo American plc (LON:AAL) rising 11.4p to 676.9p and Fresnillo PLC (LON:FRES) advancing 24p to 1173p.
Market preview
London’s FTSE 100 is expected to begin Wednesday on the back foot, as a warning shot from the World Bank took the edge off otherwise upbeat markets.
Rallying energy stocks, as crude oil prices hold above US$50 a barrel, have helped support the markets through the start of the week.
In New York last night the S&P 500 marked its highest close for almost a year, albeit it was only a small improvement on the preceding day.
The S&P 500 added 2.7 points, 0.13%, to finish Tuesday at 2,112. The Dow Jones gained 0.1% to 17,938, meanwhile, the Nasdaq dipped 0.14% to 4,961.
In Asia trading was mixed, thought the focus for many investors was the latest warnings that the global economy is again slowing.
The World Bank has downgraded its global growth forecast for 2016 to 2.4% from 2.9% and highlighted weaker demand and low commodity pricing.
Of particular concern to the World Bank was the view that emerging economies dependent upon commodity exports had struggled to adapt the lower prices.
The Shanghai Composite was down 0.29% to 2,927 while Hong Kong’s Hang Seng was 0.28% lower at 21,266. Japan’s Nikkei rose 0.48% to 16,756.
Australia’s ASX 200 was just slightly lower, at 5,368.
In London, spreadbetting and CFD firm IG Markets sees a negative start to trading as it sees the FTSE 100 some 12 points lower. About an hour before stock market trading begins IG calls the blue-chip benchmark at 6,263 to 6,268.