(Alliance News) - Stocks in London were on the front foot at midday on Friday after a two-day Christmas break, with the FTSE 250 hitting a fresh record high.
The FTSE 100 index was up 23.29 points, or 0.3% at 7,655.53. So far this year, the UK flagship index has risen 14%, putting it on track for its best annual performance in three years. The final trading session of 2019 will be a half-day on Tuesday for New Year's Eve.
The FTSE 250 index was up 35.75 points, or 0.2%, at 22,016.84. The domestically-focused midcap index set a fresh record high of 22,020.03 in morning trade and is up 26% so far in 2019 - its best performance in six years.
The AIM All-Share index was 0.1% higher at 951.33.
The Cboe UK 100 index was up 0.3% at 12,976.70. The Cboe 250 was 0.3% higher at 19,903.94, and the Cboe Small Companies was flat at 12,139.27.
In mainland Europe, the CAC 40 in Paris was up 0.5% and the DAX 30 in Frankfurt was up 0.3%. Markets in France and Germany reopened after being closed for Christmas Day and Boxing Day. In Germany, they were closed on Christmas Eve as well.
On the London Stock Exchange, internationally-exposed miners were among the blue chip risers as expectations grow for the elusive "phase one" trade deal between Washington and Beijing to be finalised next month.
Glencore was up 2.0%, BHP, up 1.9%, Antofagasta, up 1.6%, Rio Tinto, up 1.5%.
Russian gold miner Polymetal International was up 1.3% tracking spot gold prices higher. Midcap peers Fresnillo and Centamin were up 2.5% and 1.5% respectively.
The precious metal was quoted at USD1,510.79 an ounce Friday midday, up from USD1,489.92 late Tuesday.
At the other end of the large cap index, NMC Health was the worst performer, down 2.0%. The UAE-focused private healthcare firm defended itself against a specific line of attack by short seller Muddy Waters.
NMC said STH Consultant, the engineering consultant retained by NMC, provided written confirmation of the total built-up floor area of NMC Royal Women's Hospital in Abu Dhabi at 18,595 metres squared. It also made publicly available floor plans for the hospital approved by the Health Authority of Abu Dhabi.
The statement came in response to attacks on the hospital operator by Muddy Waters Capital over its accountancy practises. Last week, Muddy Waters highlighted a USD107.4 million investment by NMC in the redevelopment of NMC Royal Women's Hospital, previously known as Brightpoint Royal Women's Hospital. "Red flags" in this investment, it said, included the cost being USD7,700 per square metre, exceeding Muddy Waters' expectation of USD3,500 to USD4,000.
Since the Muddy Waters attack, NMC shares have fallen around 38%.
Meanwhile, the UK Competition & Markets Authority is to deepen its investigation into Amazon.com's Deliveroo investment, the regulator said.
In May, Amazon was the main investor in Deliveroo's USD575 million funding round.
The watchdog said the deal could leave consumers, restaurants and grocers facing higher prices and lower-quality services.
Earlier December, the Competition & Markets Authority had said it would be looking into competition concerns. It gave the two a week to come up with some remedies to these concerns.
The CMA said neither party did so, and, as a result, it has referred the investment to a phase two investigation, casting doubt on whether the investment will go ahead.
Shares in online takeaway platform Just Eat, which is subject of a bidding war, was up 2.0%.
The pound was quoted at USD1.3088 at midday on Friday, up from USD1.2951 at the London equities close Tuesday.
The euro was quoted at USD1.1148, up from USD1.1079 at the European equities close Tuesday.
Against the yen, the dollar was trading at JPY109.46, flat compared to JPY109.41 Tuesday afternoon.
Brent oil was quoted at USD68.05 a barrel, up from USD66.78 at the London equities close Tuesday.
Stocks in New York were set for a higher open on Friday, looking to build on fresh record highs set on Thursday.
The DJIA was called up 0.3%, the S&P 500 index up 0.2% and the Nasdaq Composite up 0.4%. All three major stock indices ended at record levels.
The tech-heavy Nasdaq ended above the 9,000 mark for the first time on Thursday after strong gains from Amazon.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
London market Midday is available to subscribers as an email newsletter. Contact info@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
