Shares get off to a flying at the start of the third quarter, with Asia and Europe sharply higher today after US and China agree to resume trade talks. Donald Trump offers to put a break on new tariffs and eases restrictions on tech company Huawei.
The UK is strong across the board, with house builders up 2.6% and industrials up 1.8%. Oil majors are strong gaining 2% as crude prices gain after top producers Saudi Arabia, Russia and Iraq back a plan to extend supply cuts.
The benchmark FTSE 100 has rallied 71 points to 7,496 in early trading, closing in on the 7,523 2019 highs set in April.
MEDIA STOCKS IN DEMAND
Leading the charge of UK companies is media firm Future (FUTR), up 11.6% to £10.69p. It has announced that the positive trends seen in the first half of the year have continued, and as a result, full year results are expected to be ahead of expectations.
The strong performance has been underpinned by good audience growth within the Media division and the continued strong underlying performance of the recent acquisitions.
Also on the rise is advertising company WPP (WPP) as it continues it’s restructuring and announces the sale of its minority shareholding in Chime communications for £54.4m.
Drug Company AstraZeneca (AZN) announces another positive development, after European health regulators approved a self-administration option for its asthma drug, getting the company closer to offering the treatment in a more convenient to many patients. Its shares, up 15% since early May, edged 0.5% higher to £64.69p.
Shares in packaging group DS Smith (SMDS) are 6p firmer to 368p as it confirms the sale of two packaging businesses in North Western France and Portugal to International Paper for €63m.
Chief Executive Miles Roberts, said 'We are delighted to have completed this transaction, which ensures that the business and colleagues have found a good home at an attractive price for the business.'
SELLER TURNS BUYER AT ASTON MARTIN
Car maker Aston Martin Lagonda (AML) announces a possible partial offer for 3% of its shares from its biggest shareholder, the Strategic European Investment Group, giving the shares a 2% boost to £10.22p.
Strategic European Investment Group is part of the private equity company Investindustrial, and it needs to secure agreement from exiting holders, due to its large 31% holding. It is offering £10 pwe share, Friday's closing price.
On the slide are shares in miner Fresnillo(FRES), down 3.7% to 838p, following an announcement that the Mexican tax authorities opened a routine audit into the 2014 tax returns of two underground mining subsidiaries.
Shares in technical environmental services company Ricardo (RCDO) are 1.3% weaker at 750p after it announces the acquisition of PLC Consulting Pty, an environment, planning and infrastructure advisory consultancy for £5.36m.
LOWER DOWN THE MARKET CAP LADDER
At the micro-cap level, smart homes solutions provider LightwaveRF (LWRF:AIM) saw its shares shoot up 18% to 7.5p after it announced that it has signed an agreement with Google to jointly market its Lightwave compatible smart speakers.
This move will make Lightwave the first installed Smart Lighting manufacturer in the UK to offer the convenience of voice-controlled lighting system in a single starter kit.
