StockMarketWire.com - The FTSE 100 broke the 7,900 barrier around 4pm before retreating thanks to gains among mining and banking stocks.

Miner Fresnillo (FRES) jumped 3.6% to £13.15, followed by Evraz (EVR) and Glencore (GLEN).

High street banks Royal Bank of Scotland (RBS) increased 1.2% to 296p and HSBC (HSBA) rose 0.9% to 745.7p.

The FTSE 100 closed 0.2% higher at 7,877.

Brent crude oil surged 1.4% to $80.38 per barrel and copper climbed 1.2% to $3.12 per pound.

Retailer Marks & Spencer (MKS) announced plans to shutter upwards of 100 stores by 2022 as part of a restructuring. The shares fell 2.8% to 292.02p.

OVERSEAS MARKETS

It was a subdued open in the US with the S&P 500 making the biggest gain of 0.2% to 2,738 around 4:45pm UK time.

MID AND LARGE CAP RISERS AND FALLERS

National Grid (NG.) dimmed 0.1% to 886.5p after watchdog Ofgem revealed it opened an investigation into its UK transmission business.

Bicycle seller Halfords (HFD) reported a 5% drop in underlying pre-tax profits to £71.6m, dragging the shares 11.5% lower to 343.1p.

Investors wanted more from UDG Healthcare (UDG) as a lack of upgrades and weakness in the Sharp division hit its shares by 5.7% to 878.5p.

Poultry supplier Cranswick (CWK) sizzled 2.3% to £33.36 after annual adjusted pre-tax profits fattened 22.4% thanks to growth across the business.

Pet products retailer Pets at Home (PETS) continued with its turnaround programme as underlying pre-tax profit fell 12.3% in the year to 29 March. The stock slumped 13% to 137.4p after investors expected better trading.

Entertainment One (ETO) was broadly unmoved at 288p despite its family division benefitting from high demand for Peppa Pig and PJ Masks.

Real estate investment trust Shaftesbury (SHB) said the West End economy was 'largely unaffected' by business and consumer uncertainty following the Brexit vote and challenges facing retailers. Profit after tax increased 20.8% to £123.7m in the six months to 31 March, but this failed to lift the shares at 990p.

Specialist fund manager Intermediate Capital (ICP) enjoyed a 3.3% boost to £12.03 thanks to a rise in assets under management, which helped drive pre-tax profit 29% higher.

Inmarsat (ISAT) fell 7.1% to 361.1p after rival Iridium Communications said the International Maritime Organization's Maritime Safety Committee recognised it meets the criteria to provide Global Maritime Distress and Safety System services. Investors were unnerved as Inmarsat was previously the exclusive provider of GMDSS-approved satellite communication services.

Galliford Try (GFRD) was broadly unmoved at 975p despite announcing it was likely to face additional costs following weather-driven delays in the construction of Aberdeen's new ring road.

Rank (RNK) acquired Spanish digital bingo business QSB Gaming for up to €52m in cash, prompting investors to mark the shares 9.5% higher to 169.8p.

Convenience food manufacturer Greencore (GNC) fattened 5.1% to 164.6p amid strong underlying sales growth in the UK and US.

SMALL CAP RISERS AND FALLERS

Publisher Bloomsbury (BMY) continued to benefit from high demand for special editions of the HarryPotter series, helping to drive profit and sales higher. Shares in Bloomsbury rose 8.2% to 224p.


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