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UK's FTSE up for first September trades after 2nd monthly strike
September 1, 2017 / 9:19 AM / 4 months ago

UK's FTSE up for first September trades after 2nd monthly strike

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* FTSE 100 up 0.4 percent

* Construction materials and miners rise

* Indivior’s collapse drags midcaps down

By Julien Ponthus

PARIS, Sept 1 (Reuters) - UK blue chips, backed by buoyant mining and construction material stocks, were up for their first September trades on Friday after outperforming their European peers with a second consecutive monthly rise in August.

The FTSE 100 rose 0.4 percent by 0837 GMT while the wider FTSE 250 was held back with a 0.2 percent retreat due to the collapse of Indivior’s shares.

The drugmaker’s shares sank about 40 percent after it said it would appeal against a U.S. court ruling which potentially opens the way to a rival to the firm’s Suboxone Film opiod addiction treatment.

“The company is facing a mammoth struggle now,” said Neil Wilson, a senior market analyst at ETX capital.

Other midcaps suffered blows including Greene King, down 4.5 percent after HSBC cut its rating on the stock and electronics retailer Dixons Carphone, which lost 4.3 percent after both Investec and Morgan Stanley took a more negative view on its prospects.

Miners, which had already helped the FTSE stay in positive territory in the previous session, were up with Glencore rising 1.4 percent, Antofagasta 1.2 percent and Rio Tinto 0.4 percent.

Building materials firm CRH was leading the index with a 1.6 percent rise.

Energy sector heavyweight BP rose 0.2 percent but Royal Dutch Shell retreated 0.1 percent.

A similar trend was visible for financials with HSBC and Standard Chartered down as much as 0.2 percent while Lloyds edged 0.1 percent higher and Barclays 0.6 percent.

Provident Financial, which made the headlines in August with a profit warning and the departure of its CEO Peter Crook, saw its shares fall 1.8 percent after Jeffries cut its recommendation from ‘buy’ to ‘hold’. (Reporting by Julien Ponthus; Editing by Keith Weir)

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