FTSE100 making up ground; miners in support


Britain's blue chips gained over 1% at the mid-day point to stand at 6,789, with resource stocks leading the way.

After an up and down session on Wednesday, UK shares continued on the positive track and may have settled after days of recent bearishness, suggests Chris Beauchamp at IG.

"Two days of bouncing around support at 6700 and near the 200-day moving average have given the FTSE enough energy to make a push at rallying through the 50-DMA this morning. 

"A close back above here shifts the picture back to a more neutral tone after days of bearishness, and with the daily relative strength index showing its first real bounce in a number of days a move back to 6800 may be on the cards."

On the winning front was oil behemoth Shell (LON:RSDB), up 2.83% to 2,089p, while silver giant Fresnillo (LON:FRES) was also among the top gainers, up 2.31% to 665p.

The biggest London riser was new float  and media investment group Gate Ventures (LON:GATE), which gained over 63% to 31p each after it soared yesterday on debut.

Another recent float - TSB (LON:TSB)  -  added 24.01% to 327.5p as it was the subject of a takeover approach from Spain's Banco Sabadell and the board has indicated  it would be willing to accept subject to agreeing terms

"Sabadell is a strong competitor in its home market and has developed a successful international presence in the US. 

"Sabadell believes that the current banking industry dynamics and macro-economic environment make the UK an attractive market for future investment," said TSB in a statement.

Cineworld (LON:CINE) gained 5.6% to 473.2p as the cinema operator forecast 2015 would be another good year. Admissions have hit record levels thanks to the release in February of the much publicised movie Fifty Shades.

On the losing side, Helius  Energy (LON:HEGY) bombed 25% to 1.5p despite it recently reporting  a 1o fold  narrowing of operating loss in the year to end September.

Fuel cell firm AFC Energy (LON:AFC) was another big gainer, adding almost 47% to 16.50p. On Tuesday, the  firm inked a formal agreement to develop  50MW of fuel cell power in Korea.

AFC will own 40% of the project, with Samyoung (45%) and Changshin (15%) the remainder.

Regency Mines (LON:RGM) added 31.58% to 0.13p on the day as it said it had struck a deal to sell its interests in Horse Hill Developments to Alba Mineral Resources for a total of £300,000 payable in cash.

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