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FTSE opens 0.2% higher on global recovery hopes
StockMarketWire.com
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UK stocks made modest gains in early trading Monday as investors continue to bet on a global economic recovery while vaccine rollouts gather pace.
At 0816, the benchmark FTSE 100 index was up 12.24 points, or 0.2%, at 7,031.77.
Engineering group Melrose Industries edged up 0.1% to 179.1p, having agreed to sell its Nortek Air Management business to Chicago-based Madison Industries for around £2.62 billion ($3.625 billion).
Melrose Industries said a portion of the proceeds would be returned to shareholders, without specifying how much. It also intended to use them to cut debt and contribute around £100 million to pension schemes.
Gas company Energean fell 3.5% to 827p after it reported a widening of annual pre-tax losses to $113.6 million amid lower energy prices.
Energean said it would target a maiden dividend in 2022.
Mining group Polymetal International firmed 0.6% to £15.6644 on announcing an initial ore estimate for the Buranny area of the Tomtor niobium and rare-earth metals project in Yakutia, Russia.
Polymetal said the estimate, by ThreeArc Mining, made Tomtor one of the top-three rare earths projects globally by reserves.
Healthcare investor Syncona shed 0.4% to 242p amid news that portfolio company Gyroscope Therapeutics had filed a registration statement for an initial public offering in the US.
Gyroscope was a clinical-stage gene therapy company focused on treating diseases of the eye.
Building insulation group Kingspan climbed 2.8% to 76.4c after it reported a 24% rise in fist-quarter sales, led by strength in mainland Europe, and said its outlook for the second quarter was positive.
Specialist wealth manager Mattioli Woods gained 2.7% to 750p as it acquired Caledonia Asset Management for up to £1.6 million.
Auto dealer Marshall Motor advanced 2.0% to 179p, even as it confirmed that chairman Richard Parry-Jones had died suddenly following an accident near his home in Wales on Friday.
Parry-Jones had been chairman since January 2019. Senior independent director Alan Ferguson would assume the role of chairman in the interim.
Property company LondonMetric Property rose 0.3% to 222.1p after it collected 98% of the March quarterly and monthly rents, with a further 0.8% expected 'imminently.'
IT services company SysGroup added 1.1% to 42.98p on guiding for a 3% rise in annual adjusted earnings, even after its revenue fell 7%, due to acquisition synergies and cost cutting. Story provided by StockMarketWire.com
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