There is only thin data to provide direction for London trading on Friday with the FTSE 100 index opening around 10 points lower at 6,785 in early trade. There are no significant UK data releases scheduled for today, although a speech by the Bank of England's Ben Broadbent will be studied for any hints regarding of Philip Hammond's forthcoming Autumn Statement.
The corporate news that there is, FTSE 250 industrial group Electrocomponents (ECM) is in positive territory, up 4.8% at 388p, as it publishes a solid set of half year results showing a welcome return of growth in the US and Asia. While headline revenues are largely flat, profits rally strongly on a combination of operating efficiencies and lower one-off costs.
Higher volumes in India help support services company CPP (CPP) trade strong in the early part of its second half, prompting a likely forecast-busting performance for the full year for operating profits. That news triggers substantial investor interest, sparking a 30% leap in the share price to 7.07p, valuing the business at just shy of £60m.
Diversified minerals microcap Strategic Minerals (SML:AIM) rises close on 6% to 0.45p as it reveals positive news from its operation in Cobre, New Mexico, and settles a litigation case that will net the company a $675,000 award, to be received in stages.
Oil equipment play Cape (CIU:AIM) reveals slowing projects and softening demand in the Middle East as oil prices stay stubbornly low. Overall, the company reckons it will tade slightly better than current market hopes but this is all offset by litigation concerns. Worryingly, the company also says it is compelled to stuff an extra £9.7m aside as the threat of legal action due to industrial health claims by workers increases. That drags the shares down 27% to 160.25p.
FTSE 100 gold mining group Randgold Resources (RRS) tumbles more than 7% to £56.55 as it reveals an exploration joint venture in Cote d'Ivoire. Randgold will manage the exploration programme as well as any mines that it produces.
Oil exploration minnow Sirius Petroleum (SRSP:AIM) rallies 10% to 0.55p as it reveals a well management agreement with international energy consultancy Add Energy.
Luxury shoes and accessories brand Jimmy Choo (CHOO) is on the front foot, up 4% at 133.75p, despite the difficult climate for the luxury sector and on track for another record year. 'Jimmy Choo’s revenue growth has been driven by new store openings and improved trading in all regions with continuing strength in China while the fall in sterling has also helped,' says AJ Bell investment director Russ Mould.
Currency specialist asset manager Record (REC:AIM) reports a 4% increase in assets under management (AuM) to $55bn (£42.4m) in the six months to 30 September as client numbers increased on the back of foreign exchange volatility. Passporting of financial services is flagged as a key risk ahead of the government's negotiations on the UK's exit from the EU. Chief executive James Wood-Collins warns 'the maintenance of our ability to serve EU clients following departure is essential', pushing shares 7% lower to 31p.
Shares in engineer Bodycote (BOY) dip 1.2% to 581p as chief executive Stephen Harris says revenue in its oil and gas-facing unit halved. Aerospace, automotive and light trucks delivered better performance however and Harrison maintains guidance on headline operating profit, saying performance will be in-line with expectations.
