StockMarketWire.com - FTSE indices lumbered higher as trinity of rising supermarkets more than offset a slew of softening resources after Sainsbury's Q1 update yesterday. Royal Mail (RMG) took the blue-chip wooden spoon as the government flogged half its stake. Media chatter suggests an intensification of efforts to resolve Greece's debt saga.

To noon, FTSE 100 was up 21.93 points, or 0.32%, to 6852.2. FTSE 250 was up 90.18, or 0.5%, to 18,120.3. About 25 blue chips surrendered ground. At 11.38am, crude was up less than 1%. Key bourses in Europe rose up to about 0.7% on the hint of a Germany-led impasse buster between Greece and its creditors emerged.

Royal Mail (RMG) posted a 3.44% fall to 498.75p as the government sold about half of its 30% stake to institutional investors at 500p a share via an accelerated bookbuilding process. Proceeds from the sale would be £750m. Vodafone (VOD) followed with a 3.39% slide to 235.83p, while Standard Chartered (STAN) faded 1.85% to 1073.75p.

Sainsbury (SBRY) was up a peachy 2.52% to 266.85p. Tesco (TSCO), up 2.27% to 216.25p, and Morrisons (MRW), up 1.5% to 182.6p, enjoyed the read over. Mulberry (MUL) rose 0.36% to 908.25p despite booking a FY profit of £1.9m, from £14.0m. Home Retail (HOME), up 1.03% to 161.15p, sees challenging sales at Argos in H1, but looks forward to a stronger H2.

RBS (RBS) ticked 1.93% up to 361.65p as Chancellor George Osborne announced sell-off plans of the government's 80% stake last night. Petrofac (PFC), up 2.2% to 916.25p, has been awarded an engineering and procurement contract in Oman. Fresnillo (FRES) led miners down, with energy outfits piloted lower by United Utilities (UU.)

BIGGER MOVERS

Triad (TRD) jumped 41.94% to 22p as it booked its strongest FY performance in more than a decade. Avesco (AVS) soared 26.6% to 178.5p as it posted an interim pretax profit of £4.6m, up from a £1.1m loss. The payout was also hiked by a third to 2p a share.

ECONOMIC NEWS

UK house prices look set to grow further over the next three months as sellers remain few. Royal Institution of Chartered Surveyors said its monthly index, a measure of house prices over the coming three months, rose to +34 in May, from +32 in April, broadly in line with economists' forecasts. This takes the index to its highest level since August 2014.

French non-farm payrolls remained at a seasonally adjusted 0.0% in the last quarter, from -0.1% in the preceding quarter. The market had picked a fall of -0.1%.

LONDON HIGHLIGHTS

First Property (FPO) gained 9.32% to 44p on FY pretax profits rising 22.4% to £8m, the result of six new investments. Dividend rose 20.5% to 1.35p a share. Jubilant Energy (JUB) gained 8.33% to 3.25p as it sealed a new funding deal in India. The $1.56m loan agreement is with Jubilant Enpro Private.

Nektan (NKTN) climbed 6.42% to 174p on news it has been granted a software and gaming licence in the UK, Europe's largest gaming market. Northern Petroleum (NOP) rose 4.46% to 9.01p as it announced production has restarted output from its acreage in north west Alberta, Canada.

Angle (AGL) rose 3.76% to 96.5p on positive test results from its Partsortix system in diagnosing prostate cancer in 52 patients' blood samples. Ophir Energy (OPHR), up 1.91% to 130.95p, has proved and probable reserves and contingent resources of more than 1 billion barrels of oil equivalent.

Cyan Holdings (CYAN), down 3.61% to 0.2p, has conditionally raised £0.49m gross via a placing of 245m new shares at 0.2p each. This was additional to its June 8 fundraising. Petro Matad (MATD), up 4% to 6.63p, said the Government of Mongolia has formally approved the farmout of a portion of Petro Matad's participating interests in Blocks IV and V in Central Mongolia.

Other stocks in the news included Greene King (GNK), Spirit Pub Co (SPRT), Halma (HLMA), African Potash (AFPO), PZ Cussons (PZC), WS Atkins (ATK), Secure Property Development & Investment (SPDI), CareTech (CTH), Ediston Property Investment (EPIC), Heathrow (88BX), New World Oil & Gas (NEW) and Sylvania Platinum (SLP).




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