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FTSE helped higher by Lloyds, Barratt
StockMarketWire.com
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London shares got off to a positive start on the back of heady gains in Lloyds Banking Group (LLOY) and Barratt Developments (BDEV) thanks to results news, with their sectors enjoying broad-based upticks, too.
Not long after the open, FTSE 100 was up 19.93 points, or 0.27%, to 7294.76, while FTSE 250 was up 5.75, or 0.03%, to 18,778.0. At 8.36am, WTI crude was down 0.18% to $54.23/bbl and Brent fell 0.37% to $56.45/bbl. Gold lost 0.29% to $1235.3, as silver and copper fell, too.
Lloyds (LLOY), up 3.85% to 69.34p, reported a good underlying performance in 2016 with strong improvement in statutory profit -- at £4.2bn, more than double the £1.6bn previously -- although underlying profit of £7.9bn was down from £8.1bn last time.
Barratt Developments (BDEV), up 2.62% to 528p, has posted an H1 pretax profit of £321.0m, up up 8.8% on last time. "With a record forward order book, strong consumer demand and a positive lending backdrop, we remain confident in our outlook for the full year," it said.
This helped house builders Taylor Wimpety (TW.) and Persimmon (PSN) higher, while Lloyds' result saw lenders HSBC (HSBA), Barclays (BARC), Standard Chartered (STAN) and RBS (RBS) rise.
Overall, blue-chip risers outnumbered fallers about 58 to 42. To the upside, consumer goods, insurers, supermarkets and some pharma stocks were in focus, while to the downside it was metals diggers and commercial property chairing proceedings.
Anglo American (AAL) slipped 2.13% to 1321.75p, while BHP Billiton (BLT) eased 1.53% to 1384p. More followed. Commercial property faltered in the wake of Land Securities (LAND), lower 0.52% to 1052.5p, and British Land (BLND), down 0.37% to 606.25p. Oil majors also tapered.
BIGGER MOVERS
SerVision (SEV), up 109.09% to 5.75p, has secured $2m of new capital from Cascade SVP LLC, a US-based investment fund, placing it in its strongest financial position for several years.
Oneview Group (ONEV) rose 40.74% to 4.75p on news it had signed a multi-million dollar annual cloud-based hosting agreement with existing client Discount Tire Corp. This constituted OneView's largest contract to date and came with a material upfront payment.
Trafalgar New Homes (TRAF), down 22.86% to 0.68p, warned its FY 2017 revenue and pretax profit were expected to be materially lower than market views. Completed sales from Edenbridge and Burnside were unlikely before the current FY end, and Hildenborough was behind schedule.
LONDON HIGHLIGHTS
Serco (SRP), down 18.52% to 120.35p, has swung to a FY pretax profit of £29.6m, from a loss of £69.4m, and said the execution of its five-year plan remains on track. Its underlying trading profit dropped to £82.1m, from £95.9m, with discontinued operations reducing profits by £19m.
Advanced Oncotherapy (AVO) fell 15.44% to 57.5p as it secured a flexible and staged £26m financing agreement with Bracknor Investment Group, a Dubai-based investment firm.
Blue Prism (PRSM) rose 10.96% to 496p on stating the positive trading momentum of FY 2016 had continued into FY 2017, and adding that directors now anticipated revenue for the latter period would be materially ahead of existing market views.
MTI Wireless Edge (MWE), up 10.39% to 21.25p, has secured a new contract worth $1.8m from an existing customer in the broadband wireless access (BWA) sector. The contract would be fully delivered in 2017.
Savannah Resources (SAV), down 6% to 5.88p, has raised about £2.24m gross via a placing of 29.6m new shares and subscription for 13.1m new shares at a placing price of 5.25p each. Funds were to be used mostly to support asset-portfolio development and for working capital.
Mercia Technologies (MERC), up 4.3% to 48.5p, has been successful in its bids, via subsidiary Enterprise Ventures Ltd, to manage two of the British Business Bank's new Northern Powerhouse Investment Funds.
Weir (WEIR), down 2.89% to 1963.5p, has turned in a FY pretax profit of £170m, down from £219m a year earlier and impacted by the severe oil and gas market downturn, as it reported a return to growth in Q4. Dividend per share was steady at 44p, with EPS at 61.2p, from 78.0p.
Capital & Counties Properties (CAPC), up 2.66% to 305.1p, said its EPRA net asset value fell to £2.88bn in the year to end-December, from £3.06bn in 2015. It posted a loss attributable to owners of the parent of £118.6m, against a profit of £431.1m last time.
Several other stocks in the news included Hotel Chocolat (HOTC), Gooch & Housego (GHH), Hays (HAS), Morgan Advanced Materials (MGAM), Metro Bank (MTRO), Leeds Building Society (LBS) and Cairn Homes (CRN).
Story provided by StockMarketWire.com
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