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UPDATE 2-Miners lift FTSE 100, Ted Baker slumps on profit alert

Published 06/12/2019, 12:07 AM
UPDATE 2-Miners lift FTSE 100, Ted Baker slumps on profit alert

* FTSE 100 up 0.3%, FTSE 250 up 0.1%
* Miners biggest support to main index
* Ted Baker suffers worst day on record
* Quiz slumps after earnings drop
* Woodford Trust ends 7-day losing streak

(Adds company news items, updates to closing prices)
By Muvija M
June 11 (Reuters) - Mining stocks led London's main index
higher on Tuesday after Beijing took steps to increase local
government spending and boost China's economy, while fashion
retailer Ted Baker slumped after a profit warning.
Rio Tinto RIO.L , Antofagasta ANTO.L , Glencore GLEN.L
and BHP BHPB.L were 2.5-3% higher, while oil majors BP BP.L
and Shell RDSa.L were lifted by a rise in crude oil prices on
expectations that OPEC and its allies will keep withholding
supply. O/R
Troubles on Britain's high street were reflected on the
small- and mid-cap indexes, with Ted Baker falling nearly
one-third to a 6-1/2 year low after warning profits would come
in well below analysts' expectations, and fast-fashion retailer
Quiz QUIZ.L down 23.2% after reporting a 94% slump in
underlying pretax profit. The FTSE 100 index .FTSE , buoyed in the past week by hopes
of more monetary and fiscal stimulus globally, rose 0.3% to its
highest in nearly six weeks, gaining for the seventh straight
session. The midcap index .FTMC was up 0.1%.
Safety equipment maker Halma HLMA.L topped the FTSE 100
leaderboard with a 4.1% gain after reporting a surge in
earnings, driven by strong demand in the United States, its
largest market. The main index is on course for its biggest monthly gain
since January, recovering from its only monthly fall this year
in May when an escalation in Sino-U.S. trade tensions dampened
investor sentiment.
The mining index .FTNMX1770 jumped 2.3%, its biggest
one-day rise in a month, as copper prices gained on hopes that
China, the biggest consumer, will pump money into
metals-intensive infrastructure building. Among midcaps, shares in the listed fund run by money manger
Neil Woodford, Woodford Patient Capital Trust WPCT.L , broke a
seven-day losing streak to rise 7.5% on their best day in over a
year.
Gains come a day after the company sought to reassure
investors that the fallout from the suspension of Woodford's
flagship equity fund had not affected its "operational
performance".
Support services group Stobart STOB.L climbed to a session
high after saying that a court of appeal denied former CEO
Andrew Tinkler's application to challenge parts of an earlier
ruling which was in favour of the company. Shares ended 3%
higher. AIM-listed Video advertising company Taptica TAP.L tanked
40% to a 3-year low after it said Uber Technologies UBER.N has
alleged "fraudulent concealment, negligence and unfair
competition" against the company in a complaint filed in a U.S.
court.

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