FTSE 100 cooling its heels
The UK’s index of leading shares closed up by around 17 points at 6,726, slightly off the earlier high of 6,732 and ahead of the 6,650 low
- FTSE 100 closes up 17 pts
- shares ahead
- Mobile Streams slumps after it taps the market
5.10pm: FTSE closes ahead
FTSE 100 closed the first day of the trading week ahead as markets appeared upbeat despite continuing worries over lockdowns and the pandemic.
The UK’s index of leading shares closed up by around 17 points at 6,726, slightly off the earlier high of 6,732 and ahead of the 6,650 low. The mid-cap FTSE 250 gained around 35 points at 21,455.
The pound was a shade lower against the US dollar, easing 0.03% to US$1.360 each.
“For yet another session dip buyers have come in to support the FTSE 100 around 6680,” said Chris Beauchamp, chief market analyst at online trading firm IG in a note.
“UK investors will hope that the index can find more strength as the dollar weakens a touch more, perhaps pushed down more by the steady flow of Fed speakers this week that will once again see policymakers restate, with some weariness, the outlook for policy.
“In addition, global flash PMIs midweek might provide further evidence of a global recovery, one that will help support FTSE miners among others.”
In company news, drugs giant () was back in the frame again as a US trial revealed that its COVID-19 vaccine is 79% effective and that it is 100% effective against severe disease or hospitalisation. Its shares pumped up 3.29% amid the news, to stand at 7,344p.
4.20 pm: Dukemount on the up
Having been up almost 50% earlier in the session, () finished 23% higher. The company styles itself as a property management and long-dated income specialist; however, investor interest was tickled by a potential foray into the power sector. Subject to DD, Dukemount will take a half share in a JV company called HSKB with the aim of developing gas peaking facilities. For those not in the know, ‘peaker plants’ balance fluctuating power requirements and operate during periods of high-level demand. Worth noting was the volume of shares traded, which was around six-times the average.
2.20pm: Desperately seeking direction
London’s leading shares are, as the old adage has it, seeking direction.
The FTSE 100 was up 4 points (0.1%) at 6,713. The mid-cap FTSE 250 was, for once, moving in lockstep with its bigger brother, up 21 points (0.1%) at 21,441.
Outside of the FTSE 350 it has been another banner day for () and its flagship asset MED3000, a topical gel for the treatment of erectile dysfunction.
The shares, which soared last week after the European Union signalled it would give a green light for the gel to be available without a doctor’s prescription, rocketed 64% to 75.5p today as the company announced regulatory progress in the US.
READ Futura Medical agrees with US FDA on a small confirmatory study of MED3000
The company has agreed with the US Food and Drug Administration (FDA) on the protocol for a small confirmatory clinical study of MED3000 to make sure its efficacy, which has been proven up to three months, does not tail off after that period.
An operations update from 88 Energy Limited () sent the shares 37% higher to 1.525p.
The company entered into a share subscription deal with ELKO International that has raised US$6.48mln, earmarked for the drilling of the Merlin-1 exploration well in Alaska.
Going the other way was mobile content specialist () after it took advantage of share price strength – the company had a big contract win last week – to raise funds.
The shares lost around a third of their value at 0.29p after the company banged out shares at 0.25p a pop to raise £2mln.
2pm: Proactive North America headlines:
Inc says target to start Phase 1 study for STAR-LLD for chronic lymphocytic leukaemia remains on track for 4Q
Ltd ()()(FRA:GDT) secures C$1.25M in financing commitments to market Swiss-hosted Sekur secure email
Mining Inc () ()…
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