- The FTSE 100 closed the day at 6,298.92, an increase of 168.94 points.
- The FTSE 250 rose by 314.20 points to finish at 17,110.28.
- The FTSE All Share climbed by 80.55 points to 3,451.21.
- The FTSE AIM All Share finished at 733.70, up by 4.74 points.
Engine manufacturer Rolls Royce (RR.) has announced plans to cut an additional 400 jobs in its maritime arm in a move that is estimated will save the department around £40 million a year. Management said the decision was due to orders being under pressure due to the current oil price, but remained confident in the business’s longer term prospects and strength. Some of the savings will be reinvested in research and development. The shares rose 24p to 728.50p.
News outfit Trinity Mirror (TNI) is on course to meet full year expectations despite revenues for the third quarter falling by 9% relative to the same period of the prior year. Print and publising sales in particular are struggling, but there is some hope in the form of a 24% increase in digital incomes and the rate of decline slowed from the second quarter. The company has also received permission to appeal a judgement relating to civil claims following the phone hacking scandal. Trinity Mirror shares closed flat at 151.25p.
Miner Glencore (GLEN) has seen its shares climb by 21.05% to 115p amid rumours that a number of bodies were competing to take over its agricultural division. Analysts have theorised that the unit’s sales could earn up to $10.5 billion (£6.9 billion). The management is believed to be open to full takeover bids, but does not expect that any buyers would be willing to pay what they judge to be fair value.
AIM listed equipment producer Alexander Mining (AXM) has resumed trading after raising £420,000 in fresh equity. The funds will be used for working capital purposes as it continues to proceed with its business plans despite the depressed conditions in the minerals industry. Following the dilution, the company’s shares dropped by 34.78% to 0.37p.
Tomorrow’s news today
Firestone Diamonds (FDI) and St. Ives (SIV) will post final results tomorrow, while Ted Baker (TED) will put out its interims.
Quote of the day
“A fool and his money are soon parted.”
– Thomas Tusser