Latest News

Market Report: BHP Billiton, Rio Tinto and Glencore up after Liberum upgrade

Liberum Capital’s “reluctant sector upgrade” — though hardly a ringing endorsement — provided some solace for fans of mining stocks.

The boutique investment bank gave a the downtrodden sector’s heavyweights a fillip, lifting BHP Billiton up 33p to 1192.5p, Rio Tinto up 64.5p to 2535p, and Glencore up 3.85p to 204p.

The trio are no longer on Richard Knights’s Sell list: the analyst suggests more cost-cutting is on the way.

Knights reckons the outlook for the copper price will be the defining factor for the mining sector from now on, with the demise of iron ore already taken into account by investors. And he believes the battered copper price could be set for a rise thanks to more supply cuts.

On the flipside, Knights predicts more tough times for Anglo American, up 11.7p to 796.2p, with platinum not one of his preferred commodities in the present climate.

The FTSE 100 crept up 15.47 points to 6702.04 after an improvement in Chinese services data but trading was tentative ahead of tomorrow’s so-called Super Thursday — when the Bank of England releases its quarterly economic update, inflation report and its monetary policy committee minutes all on the same day.

Shire recovered after yesterday’s falls: it rose 55p to 5449.75p.

The drugmaker’s $30 billion (£19.2 billion) hostile bid for US rare disease rival Baxalta was rejected, meaning it must come back to the table with a higher offer.

Low fuel prices hit flight support firm BBA Aviation, chaired by City grandee Sir Nigel Rudd, which dropped 6.9p to 294.1p after a 33% fall in first-half pre-tax profits.

Strong demand for its sausage skins in the first half of the year helped Devro to climb 14.25p to 313p. Its interim results revealed revenues rose to £112.7 million, and pre-tax profits jumped to £9.6 million.

On AIM, Satellite Solutions Worldwide dipped 0.05p to 4.4p as it struck a deal with rival broadband provider Gigaclear to target UK homes without access to fast broadband.

Former Leeds United Football Club boss and shell specialist Chris Akers — along with long-time business partner Rodger Sargent — brought the company to market in May after the reverse takeover of Satellite.

Akers’s and Sargent’s vehicle — Sports Resource Group — owns 3.7% of the company.

It is run by Andrew Walwyn, who owns 15.8% of the shares, and property tycoon Nick Candy, behind the lavish One Hyde Park development in Knightsbridge, is a significant shareholder with 10.9% of the company.

Shares in Synairgen received a shot in the arm, up 2p to 36.2p after a development deal with Australia’s Pharmaxis to work on a treatment for idiopathic pulmonary fibrosis, a severe and fatal lung disease.

It is the first major deal for the company since last summer’s licensing deal with giant AstraZeneca.

Open an Account

If you are interested in opening an account with Optiva Securities, please fill in the details on the apply button.