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FTSE 100 drifts lower as growth forecast is nudged up

Last updated: 07:22 03 Dec 2014 EST, First published: 08:22 03 Dec 2014 EST

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London’s blue-chips are modestly lower as investors await the outcome of the chancellor’s Autumn Statement.

Royal Mail (LON:RMG) led the retreat, down 2.4%, after regulator Ofcom rejected its competition concerns yesterday.

Brokers seem perfectly divided on the stock, with Jefferies reiterating its 'underperform' rating, Deutsche Bank sticking with its 'hold' recommendation and JP Morgan Cazenove staying with its 'overweight' stance.

The FTSE 100 index was down 18 at 6,724, and would have been lower still but for a positive reaction to results from Sage Group (LON:SGE), which reported a rise in full-year profits.

The firm, which offers accountancy and payment platforms to small businesses, said it was on track to achieve its financial targets for 2015. Shares rose 4.6%.

Among the small caps, Kibo Mining (LON:KIBO) climbed 22% higher to 3.33p. The firm has had a good week after completing the first stage in a mining feasibility study for its Rukwa coal-to-power project (RCPP).

Character Group (LON:CCT) shares advanced around 11% after revealing a big jump in revenue for its first half.
Ironveld (LON:IRON) was 11% higher after it raised £750,000 via a share placement.

Westminster Group (LON:WSG) has won a government consultancy contract in the Americas worth at least US$4.4mln, prompting an 8% hike in the share price.

It is the latest indication of growing momentum in the group's pipeline, coming after November's US$300mln, 21 year deal for managed services at a West African ferry port.

Shares in payments specialist Universe Group (LON:UNG) jumped 11.5% after the firm said it signed a contract to design and build a loyalty card platform for Morrisons (LON:MRW).

Maple Energy (LON:MPLE) slid 20% as it provided an update today regarding its Ethanol plant, which was shut down in mid-August for about 12 weeks.

Healthcare firm Ultrasis (LON:ULT) plummeted 32% to 0.09p after major shareholder Paul Bell said he is not presently minded to participate in any refinancing of the company.

The company appears to have about two months to raise fresh funds in order to remain a going concern.

Golden Saint Resources (LON:GSR) shares were 19% lower as it delivered an operational update stating it had purchased a local washing plant which will be transported to the Zimmi licences in Sierra Leone.

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