- It was a dramatic end to the week as the UK general election resulted in a hung parliament as the Conservatives failed to win the required 326 seats for a majority.

Despite losing more seats than expected and a blow to her negotiating stance on Brexit, which was due to start soon, Prime Minister Theresa May refused to resign.

The pound weakened following the exit poll on Thursday night, which suggested the Conservatives would fail to consolidate their power.

In mid-morning trading, the pound was still struggling as it was 1.6% down against the euro and suffered a 1.9% drop against the dollar.

The FTSE 100 rallied 0.5% to 7,486 as overseas earnings at the majority of companies benefitted from the weaker pound, particularly miners and oil firms.

Fresnillo (FRES) and Randgold Resources (RRS) led the miners higher as shares in the companies jumped 4.5% to £17.41 and 2.4% to £76.75, respectively.

BP (BP.) advanced 1% to 460.8p and Royal Dutch Shell (RDSB) was up 0.6% to £21.22.

Brent crude oil increased 0.5% to $48.13 per barrel and gold cheapened 0.2% to $1,273 per ounce.

Copper was up 0.3% to $5,776 per tonne.


On Thursday, Wall Street was flat as investor sentiment was subdued. The S&P was flat at 2,433.

It was a similar trend for Asia as the possibility of a hung parliament in the UK failed to unsettle the market on Friday.

Japan's Nikkei 225 was 0.5% higher at 20,013, while the SSE Composite in China made smaller gains.


In corporate news, Centrica (CNA) said the Canadian exploration and production joint venture, CQ Energy Canada Partnership, which it owns a 60% stake in, would be sold for C$722m to a consortium. This would include Can-China Global Resource Fund and Mercuria and pushed the shares 0.5% higher to 199.8p.

Remaining in the utilities sector, SSE (SSE) ticked 0.5% up to £14.99 on its release of its timetable for the payment of the final dividend for the year to 31 March 2017.


It was bad news for animal genetics business Genus (GNS) as it faced new patent infringement litigation in the US. The company said Inguran, XY and Cytonome/ST, (collectively ST) filed patent infringement proceedings against ABS Global, Genus and Premium Genetics (UK). This was not wholly unexpected by investors as the stock fell 0.5% to £18.68.

Elsewhere, Kaz Minerals (KAZ) announced an increase in its pre-export financial loan facility to $600m, which the company said was due to strong support from the market.


Shares in clean water company HaloSource (HALO) plummeted by nearly 50% to 0.3p on a warning that it would have to start insolvency proceedings. The situation appeared grim as HaloSource might have to suspend trading on AIM if it didn't raise £1.9m by the end of June.

Investors approved of the move to get try and get rid of some senior figures at Conroy Gold & Natural Resources (CGNR). The gold explorer received a request for a general meeting to remove non-executive deputy chairman Seamus Fitzpatrick, finance director James Jones, as well as four other non-executive directors. It also included the request for the appointment of three new directors, sparking a 14.5% rise to 15.7p.

A cautious outlook from Fuller, Smith & Turner (FSTA) overshadowed decent full year results, causing the stock to retreat 1.3% to £10.61.

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