Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
UK stocks reversed earlier modest losses to claw their way into positive territory as investors eye with optimism promising signals from talks between the UK and EU over Ireland and the possibility of striking a Brexit deal before the 31 October deadline.
At midday the benchmark FTSE 100 index had nudged up around 33 points to 7,219.82, while the more domestically focused FTSE 250 rallies more than 500 points to 19,753.58.
Sterling rallied against both the dollar and the euro putting pressure on exporters but giving a big lift to UK domestic stocks. The pound rose 0.83% against the euro (€1.1399) and did even better versus the dollar, up 1.17% at $1.2588.
This is clearly illustrated by Kingfisher topping the FTSE 100 leader board at midday, the owner of the UK DIY chain B&Q. Kingfisher shares rallied more than 10% to 213.2p.
It was closely followed by banking groups Royal Bank of Scotland and Lloyds, which jumped 10.5% and 98.5% respectively to 216.5p and 57.66p, while housebuilders Barratt Developments and Persimmon also posted firm 9% to 10% gains.
FTSE 100 fallers are led by British American Tobacco, down around 4% at £26.99, as further negative vaping news percolates into the mind set of investors.
CORPORATE NEWS
Hedge fund manager Man Group shed 2% to 158.9p after warning that its outlook on fund flows remained 'mixed' amid Brexit uncertainty, while reporting a fall in third-quarter net assets.
This was is stark contrast to fellow investment group Jupiter Fund Management which saw its share price rally 3% to 328p despite it too reporting a fall in third-quarter assets under management.
Media production company Entertainment One nudged 0.1% lower to 562p, as it reported wider first-quarter losses owing to lower broadcasting and licencing revenues.
Jet2 holidays company owner Dart Group was among the big winners on Friday after cashing in on the collapse of Thomas Cook. Its rival's demise means Jet2 holidays demand has soared prompting the company to raise full year guidance, although management remain more cautious on the longer-term outlook.
Dart shares jumped more than 15% to £10.83, valuing the business at £1.62bn.
Interdealer broker TP ICAP added 0.7% to 320p, even as it announced that it would pay a £15.4m settlement to the UK's Financial Conduct Authority, regarding an investigation into trades undertaken between 2008 and 2011.
Self-storage group Big Yellow firmed 3% to £11.07 as it received planning permission for a new store in Hove, England.
SMALL CAP WRAP
Fashion retailer Quiz stayed flat at 16.68p after it warned of a 5% fall in first-half revenue amid a difficult trading environment in the UK.
Chemicals company investor Wilmcote crashed by 33% to 65p after it said talks with potential acquisition target Arclin were cancelled and that pursuing the deal had cost it a 'material' amount.
The company also said that it was talking to shareholders about potential funding options.
Nostrum Oil & Gas tumbled 38% to 6.5p on announcing that it was unable to sustain a commercial flow of hydrocarbons from a well in Kazakhstan.