StockMarketWire.com - The FTSE 250 bounced back to pre-Brexit levels after Andrea Leadsom withdrew from the Conservative leadership race, leaving Remain supporter Theresa May the only candidate for Prime Minister.

The FTSE 100 closed 1.4% higher at 6,682.68 and the FTSE 250 raced 3.2% higher to 16,699.91.

The markets welcomed the move in the belief that May could negotiate fairer terms for the UK if it leaves the EU, compared to Leadsom.

Housebuilders continued to recover from the post-Brexit fallout with Berkeley (BKG), Taylor Wimpey (TW.) and Barratt (BDEV) jumping by up to 7.7%.

Miners were also having a good day with Anglo American (AAL) and Glencore (GLEN) up 8.6% and 6.3% respectively.

West Texas Intermediate (WTI) crude oil dipped 0.3% to $45.28 and Brent crude oil fell by 0.3% to $46.64 per barrel, respectively.

Gold glittered at $1,359.1 per ounce and copper advanced 1.4% to $4,740 per tonne.

MAIN NEWS OF THE DAY

Avanti (AVN) put itself up for sales after issuing a recent profit warning, rallying 23.7% to 30.9p.

Rolls-Royce (RR.) said it would buy the remaining 53.1% of aircraft engine specialist ITP it didn't already own for £720 million. Its shares dipped 1.5% to 724p on the news.

MID CAP RISERS AND FALLERS

CLS (CLI) exchanged contracts to acquire two properties in Germany for €49.5 million, rising 240p to 1,403p as investors warmed to the development.

Better than expected operating profit helped drive up shares in plastics specialist RPC (RPC) 2.8% to 813.5p.

SMALL CAP RISERS AND FALLERS

European manufacturer McBride (MCB) gained 3.6% to 158.5p after saying operating profit would be ahead of expectations as a result of cost saving initiatives.

Recruiter SThree (STHR) failed to impress the market with slower growth in the global banking market and the UK, falling 13.2p to 229.7p.

A bust-up with metals processor Rand Refinery prompted a sell-off in metals recycler Goldplat (GDP), down 20% to 5.2p. The refiner failed to pay approximately £628,000 from a silver toll treatment deal and told Goldplat it could not process some of its material in August. Goldplat has yet to quantify how the disputed debt would be treated in its 30 June 2016 year-end accounts.

Sound Energy (SOU) shot up 17% to 28.2p as drilling of the first Tendrara well to 2,665 metres produced more gas than expected.

Opera Investments (OPRA) plummeted 20% to 6.1p as a £4 million deal with Highland Natural Resources (HNR) for its Helios Two helium project in Montana was mutually cancelled.

Natural resources firm Metal Tiger (MTR) rose 5.9% to 3.3p after joint venture partner MOD Resources produced another batch of strong copper intercepts from a drilling programme in Botswana.

Collagen components developer Collagen Solutions (COS) plumped 33.3% to 7p after the acquisition of Southern Lights Biomaterials contributed to higher revenue growth.


Story provided by StockMarketWire.com