This week’s UK 100 movers aren’t as spicy as last week, up or down just 7%, but still very respectable for UK blue-chips. Until you compare them to the where one member rallied 50%, three put on 10-15% and six fell by 10-15%. Equities doing nothing you say? Hardly!

Mediclinic rebounded after being one of last week’s UK 100 losers (+7%), Micro Focus got caught up in the US tech sell off (-7%). Randgold Resources (-7.4%) suffered under a combination of USD strength and lack of safe haven demand amid US tax reform hopes, followed by a stronger GBP on hopes of a Brexit deal. It was a similar story for Antofagasta and Glencore (both -7%), but the offending metal being copper rather than gold due to questions about China and global economic growth.

The real movers, however, were on the UK 100 ’s little brother the , where online grocer Ocado (+52%) finally delivered that pledge to sign a meaningful deal with a major grocer, something we have waited years for. The share price jump to 2yr highs was exacerbated by the shares being among the most shorted on the UK market (waning belief in a deal ever emerging), resulting in a short squeeze.

 Marstons (+15%) benefited from strength in its brewing segment helping ensure revenues and profits are still growing compared to peer Greene King (+1.5%) which saw declines for both revenues and profits as the consumer and cost squeeze continues. Greencore (+13%) shares shrugged off a hit to profits from one-off charges, with 35% underlying profit growth being well received and Stagecoach (+10%) welcomed the UK Government’s rail reform plans.

At the other end, Cineworld (-15%) dropped on news that it wants to spend $3.1bn buying US cinema chain Regal Entertainment funded with more debt and a rights issue. Vedanta resources (-12%) and KAZ Minerals (-10%) suffered the same fate as its bigger siblings Glencoe and Antofagasta while Acacia Mining (-12%) and Hochschild Mining (-9%) followed bigger cousin Randgold Resources lower. Lastly, Sophos (-11%) after a major stakeholder sold a stake and Dignity (-11%) extended a 25% decline that began after Q3 results last month.

When anyone tells you the UK 100 is doing nothing, this may be true on an aggregate basis. But this week was at least more interesting, with a 200pt range being double that of last week after a 1% decline from a pattern we highlighted yesterday. Just as a company headlines don’t always give the full picture, neither does the UK Index tell you how each end every component has done, especially the smaller weighted members. They may not have as much of an impact (I wrote about this a fortnight ago), but that doesn’t mean their shares aren’t moving around and offering profitable trading opportunities.

Before I sign off, a little word about our new trading platform. We’re extremely excited about this change, having taken many months to finalise, and we look forward to welcoming both new and existing clients to what we are sure is an even better trading experience: lower margin requirements, lower financing costs, no charges for data feeds/charts and no commission on things like indices and commodities. It’s taken a lot of work to make sure we are still offering you the very best in the industry after almost a decade. If you don’t believe us, come in, have a look round and give it a whirl. We’re know you’ll love it.

Heave a great weekend,

Mike van Dulken, Head of Research, 1 Dec 2017