September 1, 2017 / 9:17 AM / a year ago

FTSE inches up for first September trades after second monthly strike

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

Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall

The FTSE 100 .FTSE ended up 0.1 percent, while the mid cap FTSE 250 .FTMC index was held back with a 0.1 percent retreat due to the collapse of Indivior's shares (INDV.L).

The drugmaker’s shares sank 35 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 (GNK.L), down 3.8 percent after HSBC cut its rating on the stock and electronics retailer Dixons Carphone (DC.L), which lost 1.7 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 (GLEN.L) rising 2.1 percent, Antofagasta (ANTO.L) 2.2 percent and Rio Tinto (RIO.L) 0.3 percent.

Energy sector heavyweights BP (BP.L) and Royal Dutch Shell (RDSa.L) fell 0.1 and 0.2 percent respectively.

Financials were mixed with HSBC (HSBA.L) and Lloyds (LLOY.L) falling slightly and Barclays (BARC.L) and Standard Chartered (STAN.L) both up around 0.5 percent.

Provident Financial (PFG.L), which made the headlines in August with a profit warning and the departure of its CEO Peter Crook, saw its shares fall 1.2 percent after Jeffries cut its recommendation from ‘buy’ to ‘hold’.

Reporting by Julien Ponthus; Editing by Richard Balmforth

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