The UK stock market, which rose marginally on Friday, fell slightly today by 0.06% to reach 6,324.47, as mining companies fell after it emerged that last week, Chinese retail sales grew at their slowest pace in four years. Offsetting this news was a signal by finance ministers from the Group of 20 nations that Japan has scope for further monetary stimulus. Another reason why markets are likely to perform on a lower note today is that US capital markets will remain closed today, bringing down the trading activity and limiting movements in the prices of securities.
Rio Tinto Group contributed the most to the UK stock market index retreat as copper prices fell. Bumi climbed 2.9% after an Indonesian regulator said any new owner for the PT Bumi Resources business must make a tender offer. Bumi advanced 10.9 pence to 388.2 pence. Indonesia’s financial-services regulator said today that the company will have to offer to buy out the other shareholders in its PT Bumi Resources unit if it is deemed that the ownership of the parent group has changed.
Defence giant BAE Systems has unveiled a five-year partnership with mobile communications giant Vodafone Group, under which it will provide businesses with a range of advanced communications security products and services, initially focused on smartphones and tablets. Micro Focus confirmed one of its subsidiaries has acquired Orbix, Orbacus and Artix software product lines from Progress Software Corporation. The $15m deal was made using cash from Micro Focus’ existing banking facility, the company confirmed. The contract was delayed almost a month as the group awaited contractual consents.
Phoenix Group, the UK consolidator of closed-life assurance funds, has received valid acceptances for 31.5m open offer shares from shareholders entitled to participate in the open offer. The announcement comes 19 days after the company announced details of a capital raising.
The top ten gainers in the UK stock market today are ITV (lon:ITV) 120.30p +2.82%, Imperial Tobacco Group (lon:IMT) 2,354.00p +1.55%, Aggreko (lon:AGK) 1,700.00p +1.19%, Polymetal International (lon:POLY) 1,008.00p +1.05%, International Consolidated Airlines Group SA (CDI) (lon:IAG) 229.80p +0.83%, RSA Insurance Group (lon:RSA) 133.20p +0.83%, Randgold Resources Ltd. (lon:RRS) 5,625.00p +0.81%, Rexam (lon:REX) 472.60p +0.79%, National Grid (lon:NG.) 687.00p +0.73%, and InterContinental Hotels Group (lon:IHG) 1,998.00p +0.71%.
The top ten losers in the UK stock market today are Antofagasta (lon:ANTO) 1,102.00p -1.52%, Wood Group (John) (lon:WG.) 795.50p -1.24%, Sage Group (lon:SGE) 334.40p -1.04%, Vedanta Resources (lon:VED) 1,285.00p -1.00%, Xstrata (lon:XTA) 1,169.50p -0.97%, Petrofac Ltd. (lon:PFC) 1,629.00p -0.91%, Capita (lon:CPI) 824.00p -0.90%, Rio Tinto (lon:RIO) 3,700.50p -0.88%, Burberry Group (lon:BRBY) 1,343.00p -0.81%, and CRH (lon:CRH) 1,377.00p -0.79%.