London shares rally higher in early deals on Wednesday as a string of miners, retailers and financials provide crisp direction following a positive turn on Wall Street overnight, and despite Asia's softness this morning. Europe is modestly ahead.
The benchmark FTSE 100 index shoots up nearly 80 points, or about 1.3%, to 5,941 with midcaps also firmly up. Smaller companies also make gains, although more modest ones.
In corporate news, mining group Glencore (GLEN) jumps to the top of the Footsie leader board, up 10% to 113.35p, as it signs a new revolving credit facility that will ultimately refinance and replace the existing $8.45 billion facility. The financing deal lifts a serious funding cloud that had hung over the company.
It is shadowed by Anglo American (AAL), up 3% to 411.05p. Sector pals were some distance back.
The 600 Group (SIXH:AIM) is hammered 27% to 9.5p as it issues a profit warning. The company expects full year results to be below current market estimates, with tough trading conditions extending to the US. Both of its divisions are reducing overheads and improving factory efficiencies.
Mirada (MIRA:AIM), up 17% to 5.13p, confirms the commercial launch of its Over-the-top content (OTT) solution for izzi Telecom, which forms part of a Tier 1 Latin American operator in Mexico.
MTI Wireless Edge (MWE:AIM) jumps 11% to 25.25p as it books a full year pre-tax profit of $1.4 million, a substantial jump on the previous year's $153,000. It declares a dividend of $0.011 a share.
Central European branded vodka maker Stock Spirits (STCK), encountering aggressive competition in key market Poland of late, froths up 4.9% to 143.38p as Portuguese billionaire Luis Manauel Conceicao Do Amaral's ups his stake to 9.672% through his Western Gate Private Investments vehicle. Stock Spirits is set to provide an update on a 'root and branch' strategic review alongside full-year results next month (10 Mar).
