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FTSE flat on threat of energy price cap

StockMarketWire.com

The FTSE was struggling for direction on Tuesday as stronger miners failed to offset weakness in utility stocks on a report suggesting a planned energy cap should be introduced urgently.

United Utilities (UU.) was down 1.4% at 675.2p and National Grid (NG.) dimmed 1% to 741p.

Anglo American (AAL) and Glencore (GLEN) were among the winners. Both rose by up to 2.1%.

Brent crude oil was stable at $62.57 per ounce.

UK inflation came in higher than expected in January, at 3% compared to forecasts of 2.9%, according to the Office for National Statistics.

MID AND LARGE CAP RISERS AND FALLERS

TUI (TUI) sharply cut its seasonal losses in its first quarter to 31 December 2017, driven by good growth in its hotels and resorts, causing the shares to fly 3% higher to £16.42.

SMALL CAP RISERS AND FALLERS

Car seller Pendragon (PDG) revealed pre-tax profit fell 20% to £60.4m, but this was better than market expectations, helping the shares accelerate 14.8% to 24p.

Shares in Audioboom (BOOM) were suspended as it pursues the acquisition of Triton Digital in Canada for $185m, which would constitute a reverse takeover.

A positive production update from small cap oil and gas firm Mosman Oil and Gas (MSMN) triggered a 66% rally to 1.4p.

Healthcare finance software supplier Craneware (CRW) won new business deals in the US worth $8.5m, pushing the shares 6.4% higher to £17.

Going in the opposite direction was SerVision (SEV) after warning it may have to raise funds or convert debt into equity, causing the shares to slide 26% to 0.9p. The company said there was still a long way to go until it could trade at 'break-even.'

Financial services outsourcer TruFin (TRU) made its AIM debut after raising £70m.

Story provided by StockMarketWire.com