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FTSE below 7,000 as mining weakness, US sell-off weigh

Fri, 17th Sep 2021

The FTSE 100 was in freefall by the close on Friday, giving up earlier gains to trade firmly lower as the mining sector took a bath on weak iron ore prices. By the close the index was down 1.2% to 6,944.02. A weak open on Wall Street didn't help sentiment with the S&P 500 down 0.6% by 4.30pm UK time. Hostels operator Safestay gained 6.5% to 21.3p said it would undertake a review of strategy options including the sale of the company, after receiving a 'very early' stage potential takeover approach. Faron Pharmaceuticals advanced 5.7% to 436.1p as it said updated results from an early-stage trial showed that its cancer drug was well tolerated and had the potential to increase survival in patients with a variety of late stage solid tumors. Sustainable wood products maker Accsys was up 3.3% to 160.1p as it said it had made a 'strong' start to the fiscal year as revenue and volumes grew amid ongoing consumer demand and uptick in prices in its wood elements products. Exploration company Kavango Resources was up 10.9% to 5.3p as it said it had renewed prospecting licences PL082/2018 and PL083/2018, part of the LVR Project, in the Kalahari copper belt in Botswana. Gold exploration and development company GoldStone Resources fell 10.6% to 10.15p as it said its plans to bring the Homase mine within its Akrokeri-Homase gold project in Ghana into production suffered a setback amid struggles to secure government approval to use a rented gold elution facility. Thor Mining said that drilling had commenced at the Kapunda copper ISR project in South Australia. This sent the shares 12.1% higher to 0.99p. EnviroCopper, in which Thor holds a 30% stake, in collaboration with MinEx CRC, is undertaking a drilling program at Kapunda. Marketing services company S4Capital announced a merger between Zemoga and its new unitary brand Media.Monks. The merger marked a 'significant first step towards building a third practice area around technology services,' the company said. It nudged 0.7% higher to 805.8p. Story provided by StockMarketWire.com

FTSE 100 Latest
Value7,222.46
Change18.63