After starting the day on a high, the FTSE 100 took a hit closing marginally lower on Tuesday, at 7,935.09, shedding 0.2%, as gains from mining and oil companies failed to lift the broader index. The FTSE 250 and AIM All-Share indices also declined, falling 0.9% and 0.1% respectively.
Mining stocks emerged as the standout performers, buoyed by China’s latest Purchasing Managers’ Index (PMI) data, which signalled a revival in the nation’s manufacturing sector. The official PMI reading for March came in at 50.8, marking the first expansion in six months and surpassing expectations.
Fresnillo led the pack, surging 7.6%, while Anglo American, Glencore, and Rio Tinto followed suit, climbing 4.6%, 3.0%, and 2.0% respectively. The positive PMI figures provided a much-needed boost to the mining giants, which heavily rely on demand from the world’s second-largest economy.
On the Alternative Investment Market (AIM), Orcadian Energy soared a staggering 86% after completing the farm-out of an 81% interest in Licence P2244, containing the Pilot field, to Ping Petroleum UK PLC.
In contrast, Redx Pharma plunged 65% as the clinical-stage biotechnology company announced plans to delist from AIM. Chair Jane Griffith cited liquidity constraints and the pursuit of a broader investor base as the rationale behind the decision.
Daily Risers and Fallers
Cab Payments 10.4%, Fresnillo 7.9%, Greencore 5.6%, Tullow Oil 5.6%, Petra Diamonds 5.4%.
Regional Reit -11.7%, Ithaca Energy -8.0%, Mobico Group -7.3%, Funding Circle -7.1%, ASOS -7.0%.
Daily Recap
- UK shop price inflation cools to over 3-year low
- HSBC rewards investors with special dividend after Canadian unit sale
- AutoNation eyes Inchcape UK dealerships in £350m potential deal
- Dollar climbs as Fed rate cut bets recede- again
- Gold bulls on stampede as prices hover near record highs
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