UK shares rose at the start of trading, taking their cue from advances across Asian markets after Alcoa kicked off the US earnings season with better-than-expected quarterly results, amid growing signs that the global economy is improving.
At 08.30am, the FTSE was up 67 points at 6,517, whilst the FTSE 250 gained 124 points at 14,597.
On the small caps’ front, AIM listed Ferrex (LON:FRX) was in favour, with the shares rising around 10% in early deals after the exploration and development company said the initial results from its drill programme at the Mebaga iron ore project in Gabon show the deposit could hold "significant" grades at depth.
One hole showed enriched iron to a depth of 50 metres, which the firm said was "potentially one of the thickest intercepts to be reported by a junior miner in West Africa".
Condor Gold (LON:CNR) also updated the market with encouraging news.
The Nicaragua-focused company is adding a further 5,500 metres to its recently completed 8,000-metre drilling programme on the planned open pit area portion of the La India Project, it revealed Tuesday.
The aim is to establish a 1mln-ounce resource in the higher-confidence indicated category ahead of the completion of the preliminary feasibility study.
In the oil & gas sector, Range Resources’ (LON:RRL, ASX:RRS) interests in Guatemala have received a boost from encouraging production data from the Atzam well.
The well is capable of flowing at around 1,000 barrels a day, Range revealed. Current production, however, is being restricted to 100 barrels a day due to limited oil storage facilities.
On the earnings front, blur Group (LON:BLUR) shares surged close to 10% in early deals after the crowdsourcing specialist revealed it has just completed its most satisfying quarter to date.
Blur said its online services exchange experienced significant growth in both volumes and values. It unveiled a 125% increase in the number of new projects added to the exchange during the second quarter, to 410, and a 315% increase in the total value of the projects added, to US$9.41mln.
The average project value improved 100% to US$22,943.
Blur also revealed that the largest contract to date has been added to the exchange, a US$3.6mln marketing project from an American transport group which is rolling out a new product.
M2M technology specialist Telit Communications (LON:TCM) also rose after it said first half revenues will come in slightly better than the market expects.
Sales in the six months ended to June will be approximately US$108.1mln, with the year on year growth of 10%, slightly above market expectations of US$107.5mln.
And finally, low-cost African airline Fastjet(LON:FJET) has made use of its equity financing facility to draw down £790,000.
The bank issued 79mln shares at 1p each to the facility's provider, Darwin Strategic, a wholly-owned subsidiary of Henderson Global Investors Volantis Capital.