Strong commodity prices helped the FTSE 100 shake off a weak trading session in Asia overnight to trade modestly higher at 7,561.49 this morning. Mining and oil and gas stocks were higher as crude moved to a two-year high amid a political crackdown by major producer Saudi Arabia.
Drug developer BTG (BTG) slumps 5.6% to 735p as it confirms a £53.5m hit from a legal dispute with Wellstat Therapeutics. The Court of Chancery of Delaware issued its final judgement on the litigation between the two parties over the commercialisation of the treatment Vistogard.
Bank Aldermore (ALD) gains 2.4% to 309.7p as it reports 12% growth in net loans in the third quarter and recommends a bid which had been in the offing from South African peer First Rand since last month. The cash offer is pitched at 313p, valuing the bank at £1.1bn.
Plastics manufacturer Synthomer (SYNT) dips 1% to 494.9p as it posts flat sales in the third quarter and says it is continuing to look for acquisition opportunities. Full year targets are unchanged from August’s first half results as the group experiences resilient trading in Europe.
Ceramics and carbon maker Morgan Advanced Materials (MGAM) slips 1.3% to 320.7p. An in-line trading update is marred by a 2.1% drop in sales for its thermal products division.
Liverpool-based managed IT services minnow SysGroup (SYS:AIM) dives 19.5% to 33p as it warns on full year profit.
Advanced materials specialist Versarien (VRS:AIM) falls 15.8% to 19.38p as investors react to the dilution implied by £4.1m fundraise.
