Mining stocks bear the brunt of a reversal in the Trump rally after the current US administration failed its first key legislative test on Friday night. The inability to get healthcare reforms through Congress is making investors sceptical Trump can deliver on his infrastructure spending plans and corporate tax cuts.
The FTSE 100 is down 0.9% at 7,273.74 in early trading.
North Sea oil explorer and Shares favourite Hurricane Energy (HUR:AIM) charges 12.7% higher to 61.1p as initial results from its Halifax well suggest it may have discovered an extension of its existing Lancaster discovery, implying a multi-billion barrel find.
Transport stock FirstGroup (FGP) gains 2.7% to 127.5p as its joint venture with Hong Kong's MTR Corporation beats out rival Stagecoach (SGC) for a seven-year contract on the South Western rail franchise. The consortium has agreed to £1.2bn of investment over the course of the contract.
Telecoms giant BT (BT.A) falls 1.6% to 320.6p as it is fined £42m by Ofcom for cutting compensation payouts to rivals for delays in providing high speed broadband. The regulator will now compel the company to pay out £300m in compensation.
Pollster and market researcher YouGov (YOU) dips 1.7% to 258p after a strong run as it reports revenue up 14% in its first half on a constant currency basis. The company says second half trading has 'started positively' and 'is in line with expectations'.
Small cap North Sea oil and gas play Jersey Oil & Gas (JOG:AIM) is up 8.6% to 252.5p as an independent audit of its Verbier prospect in the North Sea reveals potential of 162m barrels of oil equivalent.
