StockMarketWire.com - Sterling bounced back from a weaker performance after Theresa May said she was willing to hold Brexit talks with Jeremy Corbyn and request a short extension from the European Union.

At around 9am, the FTSE 100 was a smidge higher at 7,392.

Brent crude oil was up 0.7% at $69.85 per barrel.

MID AND LARGE CAP RISERS AND FALLERS

East Midlands Trains operator Stagecoach gained 8.5% to 168p after strong trading and good progress in its UK rail division resulted in improved forecasts for earnings per share for the year to 27 April 2019.

Spreadbetting group CMC Markets downgraded its outlook on revenues as regulations and choppy markets hurt client activity, causing the stock to fall 7%. The company also announced chief operating and financial officer Grant Foley plans to step down to pursue other opportunities.

Financial services company Quilter made a takeover offer for financial adviser group Lighthouse of 33p per share, valuing the latter at £46.2m. Shares in Quilter were broadly unmoved while Lighthouse rallied 21.3% to 32.1p.

Pharmaceutical company Dechra retreated 2.2% after announcing chief financial officer Richard Cotton plans to leave the firm immediately for 'personal reasons'.

Shares in car insurer AA accelerated 2.9% despite a sharp decline in annual profits as costs to improve performance in its roadside and Insurance businesses weighed on margins. AA also signed a contract with Admiral.

Homebuilder Bovis Homes added 2.3% after completing a joint venture with Riverside for the development of the new community at Stanton Cross in Northamptonshire.

Aerospace and defence specialist Babcock was up 2.2% at 514.6p following the appointment Ruth Cairnie to succeed Mike Turner as chair.

SMALL CAP RISERS AND FALLERS

Photo-Me warned pre-tax profit for the year to 30 April 2019 will be at least £42m, slightly below previous guidance of £44m following challenging UK trading. Shares in the company fell 3.4%.

Topps Tiles reported sales dipped from £109.4m to £108.8m in the 26 weeks to 30 March 2019, but trading over the second quarter improved from the previous one as like-for-like sales rose 1.8%. Investors focused on the latter as the stock rose 2.7% to 76p.

Shares in Jersey Oil and Gas plummeted 52% to 109.5p on disappointing results for its Verbier well as the company did not encounter Upper Jurassic sands as anticipated.


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