Mothercare Share News (MTC)

LONDON (Alliance News) - Stocks in London were higher on Monday, brushing off last week's US-China tariffs, while the pound rose after the UK's Brexit secretary resigned from his role.The FTSE 100 index was up 0.4%, or 28.82 points, at 7,646.52 Monday midday. The mid-cap FTSE 250 index was up 0.6%, or 118.37 points at 20,736.71. The AIM All-Share index was up 0.3% at 1,089.71.The Cboe UK 100 was up 0.5% at 12,963.22, the Cboe UK 250 was up 0.6% at 18,937.85, and the Cboe UK Small Companies was up 0.4% at 12,642.73."Friday's afternoon's reaction to the labour report has set the tone for the start of the week globally. The reciprocal imposition of tariffs on US and Chinese imports having being greeted with a 'sell the rumour, buy the news' reaction, the combination of a marginally softer-than-expected 2.7% growth rate of average hourly earnings and a strong 213,000 increase in non-farm payrolls was perceived as risk-friendly," said Kit Juckes at Societe Generale.On Friday, US tariffs on USD34 billion of Chinese goods became effective, with China imposing duties of an equal size on products from the US.Meanwhile, the latest monthly US jobs report showed a jump in nonfarm payroll employment - up by 213,000 in June, with economists having forecast just 195,000 jobs - but the unemployment rate rose to 4.0% from 3.8% in May.In UK political news on Monday, the pound was higher after Brexit Secretary David Davis quit his role as he disagreed with the path the government appears to be taking as it prepares to leave the European Union.The pound was quoted at USD1.3334 Monday midday, higher compared to USD1.3261 late Friday.Prime Minister Theresa May now faces a stormy meeting with Tory MPs and peers in Parliament on Monday evening as she tries to keep her administration together.May had hoped that the Cabinet agreement secured on Friday at Chequers would help her deliver the "right Brexit" for the UK, with an offer to Brussels to share a "common rulebook" on goods and form a new UK-EU free trade area.In his resignation letter, Davis said the "current trend of policy and tactics" was making it look "less and less likely" that Brexit would deliver on the referendum result and commitments to leave the EU customs union and single market."While markets should be worried by the added uncertainty of losing the Brexit secretary just eight months before the UK leaves the EU, there is a feeling that the UK is moving towards a business-friendly softer Brexit," said IG market analyst Joshua Mahony.As a replacement, May has chosen Conservative lawmaker Dominic Raab, who was a leading campaigner for Brexit in the 2016 referendum.In mainland Europe on Monday, the CAC 40 in Paris was up 0.7% while the DAX 30 in Frankfurt was up 0.3% at midday.Ahead, European Central Bank President Mario Draghi will speak at the European Parliament's Committee on Economic and Monetary Affairs at 1400 BST. Markets in the US are set to open higher on Monday, having posted gains on Friday. The Dow Jones is seen opening up 0.5% - having closed 0.4% higher on Friday - with the S&P 500 and Nasdaq to rise 0.4%.In London, BHP Billiton was up 1.9% after Reuters reported that BP is in the lead to acquire the Australian miner's US onshore shale oil and gas assets after submitting an offer in excess of USD10 billion. BP was down 0.6%.A deal could be reached in coming weeks, Reuters said, citing people familiar with the matter.Online takeaway platform Just Eat was up 2.2% as RBC raised the stock to its Top Pick.In the FTSE 250, Premier Oil, Drax Group, and Weir were up 4.9%, 2.5% and 2.3% as they were also moved to RBC's Top Pick. Weir was also upgraded to Buy from Neutral by UBS.Stobart Group was 5.2% higher after it said over the weekend its former chief executive had been re-elected but was then immediately dismissed. A majority of shareholders, 51%, voted Andrew Tinkler back onto the board at the company's annual general meeting on Friday, the results of which were delayed until Saturday evening. However, the company's directors subsequently removed him from this position. "The board maintains the view that, notwithstanding the support of certain shareholders, given the seriousness of his breach of fiduciary duty and the impending court cases against him [Tinkler], it would not be in the best interests of the company for him to act as a director," said Iain Ferguson, who was re-elected as chairman.Tinkler in May said he would be voting against the re-election of Ferguson as the AGM.Inmarsat was 3.9% higher. After the market close on Friday, US satellite communications provider EchoStar said it does not intend to make a further offer for its London-listed peer.At the beginning of June, Inmarsat confirmed it rejected a second takeover proposal from EchoStar which it believed "significantly" undervalued the firm.At the bottom of the mid-cap index was Centamin, down 5.7%. For the three months to June 30, Centamin produced 92,803 ounces of gold compared to 124,641 a year ago. For the first half of 2018, production fell 7% year-on-year to 217,099 ounces from 233,828 ounces.Elsewhere on the Main Market, Mothercare was down 6.3% at 26.80 pence after the baby and parent product retailer said it is seeking to raise GBP32.5 million through a placing an open offer priced at 19p per share, a 34% discount to Friday's closing price.The retailer also said it will shut down 60 UK stores under its company voluntary arrangement, which has now become effective with no challenges have been made or filed with the High Court.