FTSE100 ends in positive territory after construction data


FTSE100 closed ahead - just - after sinking lower in the afternoon.

The index of leading UK shares finished at 6,829 - up around four points and very nearly 100 points off the all time high, recorded in 1999, of 6,930.

It came as news emerged that the British construction ramped up a gear unexpectedly last month.

The Markit/CIPS UK construction PMI data rose from to 64 from 62.4 last month after a contraction to 61.5 had been expected by analysts.

From across the pond, there was also data, which showed that the US's economy expanded last month (August) at the fastest rate for three years - fuelling the argument that the recovery is now firmly set in motion.

There is also speculation that the Central Bank, of Fed, will keep interest rates low.

At the time of writing the Dow Jones is down 78 and the S&P500 down eight points.

Among the losers in London was Royal Mail (LON:RMG), which was down 1.74%. 

Investors were mulling news that the postal group, which floated last year, is going to trial Sunday deliveries in London and the surrounding area this weekend. RBS (LON:RBS) was the biggst loser - down 2.44%.

On the flip side the biggest gainer was Weir Group, up 2.25%.

It was buoyed after heavyweight broker Credit Suisse upgraded the stock from 'neutral' to 'outperform' and upped the target price.

In the juniors, notable risers included Kibo Mining (LON:KIBO), whose shares surged over 10% as the company confirmed its flagship Imweru gold project in Tanzania is suitable for early commercialisation.

A review of the asset has concluded that the exploration work undertaken to date and the resource data gatheredfrom this work demonstrate the potential viability of early gold production from the Imweru project.

In particular, the review demonstrated Imweru holds sufficient JORC (Joint Ore Resource Committee) compliant resources to support production, and there is a high degree of confidence that additional exploration will add to the resource inventory to supplement existing resources and extend the prospective life of the mine.

Shares in potash development firm Sirius Minerals (LON:SXX) were wanted after it emerged the company chairman has upped his stake.

Russell Scrimshaw now has an indirect beneficial interest in almost 39.5mln Sirius shares, equivalent to 2.1% of the company, after 2.1mln shares were purchased on his behalf at an average price of 11.75p each.

Savannah Resources (LON:SAV) has unveiled what it described as encouraging results from a re-processed airborne survey of its copper project in Oman. Shares rose 7.66%.

It points to 94 prospective anomalies, including eight “priority-one” targets that have been identified near known volcanic massive sulphide deposits.

Also up was Cyan Holdings (LON:CYAN), up 7.04%, and Metminco (LON:MNC), which added  7.5%.

Allocate Software (LON:ALL) confirmed that the dividend of 1.45p a share will be paid on December 5 2014 to shareholders on the register on November 14 this year. 

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