StockMarketWire.com - UK stocks closed somewhat higher on Tuesday as the country's latest PMI data showed its dominant services sector stopped contracting in October.

The modest gains mirrored markets across Europe and the US, as optimism over a trade breakthrough between the US and China began to fade.

The benchmark FTSE 100 index closed 18.39 points, or 0.25%, higher to 7,388.08.

LARGE AND MID CAP RISERS AND FALLERS

Associated British Foods rallied 5.56% to £23.74, as it reported a higher adjusted annual profit, buoyed by rising earnings at clothing retailer Primark.

The company also said that it expected the performance of its lagging sugar division to improve in the current financial year, though it warned a weaker pound would pressure Primark's margins.

Tobacco giant Imperial Brands gained 0.62% to £17.49 as it offered a more cautious outlook after its annual operating earnings fell amid pressure on its vaping business.

The company also announced that it had appointed current director Therese Esperdy to succeed Mark Williamson as chairman.

Engineering company Weir rose 3.32% to £14.80, despite warning that annual operating profits in its oil and gas division would be below previous expectations owing to weakness in US shale markets.

Power utility National Grid fell 0.67% to 891p after announcing that the head of its US business, Dean Seavers, was standing down with immediate effect for personal reasons.

Serviced office specialist IWG closed broadly flat at 395p, even as it reported a 13.2% rise in third-quarter revenue.

Train and bus ticketing platform Trainline reversed 1.78% to 413.5p after it posted a deeper first-half loss, largely owing to costs associated with its initial public offering that offset a rise in sales.

Budget carrier Ryanair moved 0.63% higher to €13.59 on reporting 5% growth in passenger volumes during the month of October on-year.

Rival carrier Wizz Air edged up 0.13% to £39.09 after it flew 21% more passengers during October as it continued to beef up capacity.

SMALL CAP RISERS AND FALLERS

Gambling software-as-a-solution company GAN moved 9.57% higher to 126p after it reported a 222% rise in revenue to $121.5m for the four months to 31 October.

Consumer goods group UP Global Sourcing, also known as Ultimate Products, climbed 8% to 83.7p as it booked a 51% jump in annual profit buoyed by a doubling of its international revenue.

Tiling retailer Topps Tiles slid 1.37% to 72.2p on announcing that chief executive Matt Williams would stand down following the release of the company's annual results later this month.

Williams would be replaced by current chief financial officer Rob Parker on 29 November.

Nano materials group Nanoco jumped 6.67% to 16p on announcing that it had entered into preliminary discussions with 'certain parties' about a potential sale of the company.


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