2.00pm … All that glitters …
Precious metal miners featured among the biggest FTSE 100 gainers in afternoon trading, with Randgold Resources PLC (LON:RRS) up 1% to 5,690p and Fresnillo PLC (LON:FRES) ahead 1% as well at 1,102p, as the price of gold rose 0.3% to US$1,135 an ounce as the US dollar - in which it is priced - slipped back slightly.
But cruises operator Carnival PLC (LON:CCL) was a blue chip faller, down 1.2% at 4,094p as travel stocks suffered after the recent terror attacks in Germany and Turkey, and on some profit-taking after good gains made yesterday after “stellar” third quarter results.
Among the mid caps, Irish convenience foods maker Greencore Group PLC ( LON:GNC) gained 3.7% at 246.7p as Numis Securities upgraded its rating for the stock to add from hold.
The broker said although concerns have been raised over the somewhat different business model of US group Peacock Foods, which Greencore has agreed to acquire, it feels the valuation takes into account such risks.
And small cap software provider Servelec Group Plc (LON:SERV) jumped 11% higher to 278p on news it has won a contract to provide a remote operations offering for a gas platform in the UK's North Sea with an unnamed UK gas supplier.
11.00am … Oil mover …
BP PLC (LON:BP.) was a notable FTSE 100 riser, adding 0.7% at 3.2p after UBS upgraded its rating for the oil major to ‘buy’ from ‘neutral’.
The Swiss bank’s analysts said that, following recent big deals in Abu Dhabi and west Africa, BP seems to have found a "new sense of purpose" in its upstream business and it is optimistic on the improvements being made to the group financial position.
Broker comment also gave a lift to mid cap Shawbrook Group PLC (LON:SHAW), up 3.6% to 8.9p as the challenger bank was upgraded to ‘sector perform’ from ‘underperform’ by RBC Capital.
But among the smaller companies, medical devices group AorTech International plc (LON:AOR) lost almost a third of its value today after it reported a drop in first-half revenues and cautioned over on-going litigation against a former chief executive.
The AIM-listed firm said it continues to incur exceptional administrative costs due to litigation against its former chief executive officer, Frank Maguire, and other parties, which began in March 2014.
AorTech said a court-ordered mediation process has failed, and it will continue to pursue litigation, but "remains open to a negotiated resolution".
AorTech was the London market’s main casualty in late morning trade, with its shares dropping almost 30% to 16.5p.
But leak detection firm Water Intelligence PLC (LON:WATR) sprung higher, up over 8% to 88.5p after it said its third quarter revenues outpaced market expectations, and it is on track to meet its full-year pre-tax profit forecasts.
And Westminster Group PLC (LON:WSG) jumped 11% higher to 14.75p after the supplier of managed services and technology based security solutions delivered an upbeat end-of-year trading statement.
9.00am .... No Garden of Eden ...
There was no paradise for Eden Research PLC (AIM:EDEN) this morning as its shares dropped 16% to 11.75p after it revealed that its 2016 revenues are set to halve year-on-year which offset news of a commercialisation deal for one of its products.
The agrochemicals and animal health firm said its revenues for the year to the end of December are expected to be around £400,000, compared to the £883,312 it made a year earlier.
Eden has this year shifted its business model from licensing its technology to product sales, which has meant it has received lower upfront payments.
The revenues warning overshadowed news of the deal with a sUBSidiary of US-based Eastman Chemical Co (NYSE:EMN), which will give it exclusive right to develop Eden's nematicide formulation, a type of chemical pesticide used to kill plant-parasites, for commercial sales.
Leather goods producer Pittards plc (LON:PTD) was also under pressure, shedding almost 15% at 75p after it warned that its 2016 performance is likely to be lower than its previous expectations due to disruption at its tannery in Ethiopia.
In October, the company reported that following heightened social unrest in Ethiopia, the Ethiopian Prime Minister had declared a state of emergency for six months.
At the time, Pittards said it did not expect any significant disruption to production from the situation, but today it revealed that operations at its East Shewa tannery did actually see some lost production.
And shares in Aurum Mining PLC (LON:AUR) fell 11% to 5.1p as the firm launched a discounted share placing to raise up to £6.0mln as it prepares to shift from the mining sector to investing in UK cyber security companies.
Aurum said it intends to place up to 150.0 million shares at a price of 4p each, in order to raise cash to fund its initial pipeline of acquisition targets in the UK cyber security market.
But on the up, defence outsourcer QinetiQ Group PLC (LON:QQ.) was the biggest mid-cap gainer, up 6% to 263.8p after acquiring the Target Systems division of fellow FTSE 250 constituent Meggitt plc (LON:MGGT) for £57.5mln in cash.
QinetiQ said the acquisition will accelerate the growth of its international business, adding new customer relationships in Europe, Asia and North America, and will boost the company's testing and evaluation services offering.