- London equities sallied forth on a positive note as value buyers again returned to the market in the wake of a heady sell-off. Resources stocks were to the fore, with some heavily punished financials also enjoying mild appreciation. This after a softer Wall St and Asia overnight.

Soon after the open, FTSE 100 was up 70.36 points, or 1.27%, to 5607.33. FTSE 250 rose 97.83, or 0.64%, to 15276.6. At 8.32am, WTI crude was at USD27.17/bbl. Brent stood at USD31.12/bbl. Gold was at USD1242/oz, and 10-year UK gilt yields loosened 6bps to 1.36%. Europe was up, too.

Roll-Royce (RR.), up 11.75% to 592.25p, powered ahead on hiking its reported FY pretax profit to GBP160m, from GBP67m. Its final payment to shareholders fell 50% to 7.1p a share. Rolls' 2016 trading outlook was unchanged.

Miners congregated after Anglo American (AAL), up 8.37% to 342.38p, Glencore (GLEN), up 5.26% to 92.29p, and BHP Billiton (BLT), up 4.84% to 664.8p. More followed. Among oilies, BP (BP.) added 2.57% to 318.23p, while BG (BG.) firmed 2.25% to 1043p.

Traders spied value in multiple financials. Standard Chartered (STAN) gained 6.04% to 410p and Barclays (BARC) rose 4.26% to 154.15p. Insurers followed Old Mutual (OML), up 2.77% to 155.6p, and investment specialists rose in the wake of Aberdeen Asset Management, up 1.82% to 213.1p.

Roughly 92 blue chips gained, about 60 by 1% or more. Prominent were utilities, pharmas, property, high-street retail and supermarkets. Hammerson (HMSO), up 1.68% to 544.5p, has completed its buy of Grand Central. Glaxosmithkline (GSK), up 0.63% to 1354p, was fined GBP37.6m as part of a CMA probe into anti-competitive conduct and paroxetine supply.

Despite the chipper tone, stock markets remain sensitive to concerns about the global economy and its growth outlook, metals-hungry China's bleak economic prospects, the global glut of crude oil, and chronic Middle East tensions. Financial and resources stocks are vulnerable.


Environmental Recycling Technologies (ENRT), up 13.33% to 0.09p, has granted an exclusive licence to James Plastics LLC, an affiliated company of the James Marine Group. Europa Oil & Gas (EOG), up 13.04% to 3.25p, has been awarded a new licensing option in the southern Porcupine Basin, offshore Ireland, as part of phase 1 of the 2015 Atlantic Ireland round.

Canaccord Genuity (CF.) fell 12.5% to 192.5p on posting a nine-month net loss of CAD335.9m, from net income of CAD15.0m. Revenues fell 10% to CAD586.9m. Holders Technology (HDT), up 11.11% to 25p, saw FY revenues fall, but its pretax loss improved to GBP0.17m, from GBP0.4m.

Commerzbank (CZB), up 12.61% to 7.26p, said group operating profit rose to 1.9bn euros at end-2015, from 689m euros a year ago. Revenues before loan loss provisions rose 1bn euros on the year to 9.76bn euros.


Paragon Entertainment (PEL), up 9.26% to 1.48p, has entered into a joint-representation agreement with H2E, a Latvian-based designer of museums, attractions and heritage based projects.

North River Resources (NRRP), up 7.14% to 0.08p, has provided a drilling update for the Namib Lead-Zinc Project in Namibia, giving it confidence in the previously announced mineral resource estimate.

Rockhopper Exploration (RKH) said Premier Oil (PMO) has served a notice to terminate the rig contract with Ocean Rig UDW with immediate effect. RKH fell 2.75% to 26.5p and PMO gained 8% to 32.13p.

Monitise (MONI), up 3.57% to 1.74p, has substantially widened H1 pretax loss to GBP210.5m, from a loss of GBP58.4m. This included GBP179.98m of depreciation, amortisation and impairments, versus GBP12.9m a year earlier.

Venture Life (VLG), down 2.58% to 75.5p, has proposed acquiring Periproducts Ltd for a total estimated cash consideration of about GBP5.6m, along with proposed capital hikes -- a placing and a convertible bond -- totalling GBP3.7m.

Segro (SGRO), up 1.87% to 414p, confirms it is in talks with Roxhill Developments about a possible arrangement that, should it be agreed, will enable Segro to strengthen its presence in the UK big box logistics market.

Millennium and Copthorne Hotels (MLC), up 0.99% to 393.65p, has warned of a net GBP43m impairment against pretax profits in the year to Dec. 31, 2015. S&U (SUS), up 2.33% to 2087.5p, said current trading remains strong and in line with market views.

Other stocks in the news included Acal (ACL), StatPro (SOG), Countryside Properties (CSP), Alpha Real Trust (ARTL), Cairn Homes (CRN), Nationwide Building Society (NAWI) and Custodian REIT (CREI).

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