FTSE ticks higher as Trump claims China trade deal 'intact'

UK stocks traded higher on Tuesday after Donald Trump said a US trade deal with China was 'fully intact', negating earlier claims by White House adviser Peter Navarro that a pact was 'over'.

At 11.31, the benchmark FTSE 100 index was up 74.5 points, or 1.2%, at 6,319.12, tracking a rise on Asian exchanges.

LARGE AND MID CAP RISERS AND FALLERS

Property portal Rightmove fell 3.3% to 569.3p on announcing that it would continue to offer discounts to customers through August and September, taking another chunk out of its revenues.

Wealth manager St. James's Place firmed 1.8% to 957.5p after its funds under management increased in May on-year, boosted by positive net inflows.

Meat producer Cranswick sizzled, rising 3.6% to £37.59, after it hiked its dividend on the back of a higher profit, underpinned by new contract wins and strong export demand.

SMALL CAP RISERS AND FALLERS

Footwear retailer Shoe Zone slipped 3.4% to 84.5p as it swung to a first-half loss and scrapped its interim dividend, while warning the impact of the Covid-19 crisis would likely be felt 'for several years.'

Musical equipment retailer Gear4music rallied 21.1% to 387.5p, having swung to a better-than-expected annual profit driven by margin improvement.

Tools, equipment and plant rentals group Speedy Hire added 2.3% to trade at 57.1p, even as it booked a 28% slide in annual profit owing to a write down on the value of its Geason Training business, offsetting a rise in sales.

Speedy Hire did not declare a final dividend, citing uncertainty caused by the Covid-19 crisis.

Healthcare and industrial engineer Scapa slumped 14.2% to 103p, having swung to a deep full-year loss, after it lost a key contract with medical products group ConvaTec.

Specialist engineering group TP jumped 9.1% to 8.4p on winning an initial contract worth £0.3m with Gulf Data International, an IT solutions provider and systems integrator based in Abu Dhabi.