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FTSE 100 opens higher but Virgin Money falls

London’s benchmark share index opened higher, boosted by mining companies after the price of copper hit its highest level since February.

The FTSE 100 rose 32.94 points to 7,410.67. Anglo American shares added 4% and Antofagasta was up 2.3%.

Top riser was media group Informa, which rose 6.8% after it posted a 40% rise in half-year revenues thanks to its global exhibitions business.

Virgin Money shares fell 8% after it warned on the UK housing market.

The FTSE 250-listed bank said that while the market should remain “resilient”, there could be some “areas of weakness to be navigated” in the short term.

Its comments overshadowed news of 26% rise in half-year underlying profits to £128.6m.

Domino’s Pizza Group fell nearly 7% after the company reported a slowdown in its sales growth.

Half-year pre-tax profits rose 9% to £44.6m, but UK like-for-like sales growth slowed to 2.4% from 13% a year earlier.

Acacia Mining shares were down a further 11% as investors reacted to news that the company had been handed a $190bn bill for unpaid taxes and penalties from Tanzania.

The company has been accused of under-reporting export revenues, which Acacia denies.

On the currency markets, the pound was unchanged against the dollar at $1.3025, and down 0,1% against the euro at 1.1179 euros.

Source: business

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