(MENAFN- ProactiveInvestors - UK) London shares crept into positive territory on upbeat UK manufacturing figures and a surging oil price, while small-caps also prospered.
The FTSE 100 Index rose 6.7 points to 6291 in early afternoon trading while the small-cap FTSE AIM 100 and AIM All-Share indices were both up.
The price of a barrel of Brent crude rose 1.5% to USS$52.25, the first time in about eight months it has hit that level, ahead of data on US crude stockpiles.
UK manufacturing and industrial production figures were both forecast to fall to 0.0% for April, but the former hit 2.3% and the latter reached 2%, above a four-and-a-half-year high for each.
Horizonte Minerals Plc (LON:HZM, TSX:HZM) secured a preliminary environmental licence for a nickel mine and beneficiation plant at Araguaia in Brazil. Its shares built on earlier gains, racing 17.65% to 2.5p.
Oilex Ltd (LON:OEX) soared 65% to 0.7p on news that the India-focused gas junior had settled a legal dispute with former funding partner Zeta Resources.
And Highlands Natural Resources Plc (LON:HNR) inflated 6.1% to 71.9p as it announced an ''extremely low cost'' acquisition of exploration licences in Montana identified as a possible natural gas and helium play.
Meanwhile, shares in Latin America-focused Baron Oil (LON:BOIL) climbed 12.5% to 0.68p, apparently on a seemingly inconsequential announcement that non-executive director Malcolm Butler had notified Baron that Kazakhstan-focused Max Petroleum went into administration last month. Butler was a director of Max until December 23 last year.
But Croma Security Solutions Group PLC (LON:CSSG) tumbled 16% to 37p after it overstated pre-tax profit last year and in the first six months of this year due to an administrative error.
And online fashion retailer Koovs PLC (LON:KOOV) was down 4.14% at 46.25p as it confirmed a strategic investment in the company of 3mln before costs from HT Media Limited through a share issue.
Ambrian PLC (LON:AMBR) backtracked 32.1% to 2.38p after the Mozambique cement maker fell into the red and said it was facing competition and an uncertain economy.
Back in the top flight, Sainsbury''s PLC (LON:SBRY) continued a roller-coaster session after it revealed a first quarter sales fall, albeit less than some analysts had expected. The shares, which rose then fell earlier in the session, recovered to stand 4p up at 250.7p.
Worldpay Group PLC (LON:WPG), the foreign currency payment giant, was among the fallers with a 1.1% loss to 277.3p.
Miners were having a good morning due to the higher oil price. Glencore PLC (LON:GLEN) was up 4.6% to 146.45p, Anglo American plc (LON:AAL) rose 5.5% to 701.9p and Fresnillo PLC (LON:FRES) advanced 3.7% to 1191p.
________________________________________
Market preview
London''s FTSE 100 is expected to begin Wednesday on the back foot, as a warning shot from the World Bank took the edge off otherwise upbeat markets.
Rallying energy stocks, as crude oil prices hold above US$50 a barrel, have helped support the markets through the start of the week.
In New York last night the S & P 500 marked its highest close for almost a year, albeit it was only a small improvement on the preceding day.
The S & P 500 added 2.7 points, 0.13%, to finish Tuesday at 2,112. The Dow Jones gained 0.1% to 17,938, meanwhile, the Nasdaq dipped 0.14% to 4,961.
In Asia trading was mixed, thought the focus for many investors was the latest warnings that the global economy is again slowing.
The World Bank has downgraded its global growth forecast for 2016 to 2.4% from 2.9% and highlighted weaker demand and low commodity pricing.
Of particular concern to the World Bank was the view that emerging economies dependent upon commodity exports had struggled to adapt the lower prices.
The Shanghai Composite was down 0.29% to 2,927 while Hong Kong''s Hang Seng was 0.28% lower at 21,266. Japan''s Nikkei rose 0.48% to 16,756.
Australia''s ASX 200 was just slightly lower, at 5,368.
In London, spreadbetting and CFD firm IG Markets sees a negative start to trading as it sees the FTSE 100 some 12 points lower. About an hour before stock market trading begins IG calls the blue-chip benchmark at 6,263 to 6,268.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.