UK stocks open 0.6% higher as trade tensions ease
StockMarketWire.com - UK stocks opened higher on Wednesday, in line with European and Asian exchanges, amid growing hopes of a cooling of trade tensions between the US and China.
At 0857, the benchmark FTSE 100 index was up 45.11 points, or 0.6%, at 7.313.06.
Home builder Galliford Try gained 0.6% to 668p, even as it booked a fall in first-half profit, which came as little surprise to the market amid a slump in construction activity.
Security services provider Serco rose 0.5% to 149.83p on securing a two-year contract extension from the Australian government to provide onshore immigration detention facilities and detainee services.
Advertising company S4 Capital gained 2.2% to 141.05, despite booking a first-half loss owing to acquisition and hiring costs.
The young company, founded by former WPP chief executive Martin Sorrel, also reported a 42% rise in revenue and said it expected 'stronger second-half momentum'.
Wealth manager Man Group added 0.9% to 170.15p, even as it announced that Jonathan Sorrell would stand down as president and executive director to take on a new role elsewhere.
Wound-care dressing supplier Advanced Medical Solutions slumped 9.1% to 255.5p after its profit was dented by falling US revenue blamed on competition and delayed product launches.
Property portal OnTheMarket firmed 4.3% to 96.5p after it inked a listing and advertising agreement with housebuilder Barratt Developments.
Facilities management company Mitie was unchanged at 150p as it announced that chief financial officer Paul Woolf was leaving to take up the same role at intellectual property management company CPA Global.
Performance nutrition company Science in Sport gained 0.6% to 52.82p, on announcing that it had appointed former Asos operational finance director James Simpson as its new chief financial officer. Story provided by StockMarketWire.com