The FTSE 100 index starts trading on Friday in positive territory after Bank of England governor Mark Carney hinted at a potential cut to already low interest rates in response to the 'Leave' referendum result. The hope is that such a move will embolden confidence, both for investors and consumers, and play some part in the UK economy avoiding plunging into recession.
The blue-chip index nudges around 20 points, or 0.3%, higher to 6,526, almost 200 points above the 6,338.10 at which it closed on Thursday 23 June, the day before the EU vote results became known.
In corporate news, transport operator Stagecoach (SGC) is the biggest faller on the FTSE 350, down 6.6% to 216p, on a ratings downgrade by analysts at JP Morgan. Weaker GDP growth in the UK is negative for Stagecoach's domestic bus and rail operations, the report says.
Newspaper publisher Trinity Mirror (TNI) is up 4% to 91p on an in line trading update with group revenue down 8% on a like-for-like basis. The shares had been sold off on Brexit-related ad revenue concerns.
Mongolia focused oil exploration and production company Petro Matad (MATD:AIM) gains 17.9% to 1.91p after yesterday’s afternoon’s announcement of its full year numbers and ‘exciting’ results from a seismic survey on its acreage.
North Sea focused EnQuest (ENQ) is up 6.1% to 33.9p as it reports an oil discovery from its Eagle exploration well.
Classic defensive Dignity (DTY) improves 3.8% to £26.68 as Berenberg upgrades the UK's sole-listed funeral services provider from 'hold' to 'buy', raising its price target from £24 to £28.25.
Kitchens and furniture retailer John Lewis of Hungerford (JLH:AIM) jumps 9.5% to 1.15p on an upbeat third quarter trading statement, highlighting 12.5% growth in sales to £1.86 million as well as a 9.5% increase in the order book to £6.9 million.
Finance recruitment specialist PageGroup (PAGE) falls 3.2% to 288p as investors worry about relocations of bank staff away from London. Asset manager Fidelity is the latest to say it will shift 100 roles from London to Dublin, according to Investment Week, in a move it says is unrelated to Britain's vote to leave the EU.
Cancer killing proton beam machine-developer Advanced Oncotherapy’s (AVO:AIM) 2,400% share price gain to 137.5p is the result of a share consolidation. It has turned every 25 ordinary shares into one to psychologically move the company out of penny share territory.
Regenerative medicine specialist Tissue Regenix (TRX:AIM) advances 4.5% to 17.5p on a purchasing organisation agreeing to sell its DermaPure wound care device in 43 US states over the next three years.
Livestock and companion pet medicine-maker ECO Animal Health (EAH:AIM) climbs 8.5% to 412.5p on pre-tax profits improving by 51% to £7.7 million in the year to 31 March. With international sales demand growing and the company expected to benefit from a weak pound, confidence is high so the board have recommended a 20% dividend hiked to 5.7p a share.
