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London midday: Retail stocks buoy markets led by M&S, but upside limited

Thu, 02nd Apr 2015 12:01

London's stocks edged higher on Thursday ahead of the long weekend, helped in no small part by strong gains in the retail sector.However, gains were only modest as developments in Greece and uncertainty ahead of a live political debate in the UK weighed on sentiment. Meanwhile, mining stocks weakened as iron ore prices dropped.The FTSE 100 was trading just 0.1% higher at 6,816.03 by midday.Greece was once again under the spotlight after Athens submitted a new proposal of economic reforms overnight "which is more specific and quantified", according to the Greek finance ministry. The 26-page document suggests that Greece could raise as much as €6bn this year as it looks to unlock €7.2bn in bailout funds before it runs out of money.Nevertheless, EU officials claimed the new list still needs more work and a deal is not expected before the next meeting of Eurozone finance ministers on 24 April.Meanwhile, Thursday night will see the leaders of the seven top political parties in the UK battle it out in a live, televised debate in the run-up to the general election in May.In fact, political uncertainty was cited as one of the reasons why growth in the British construction industry slowed down in March as companies delayed spending decisions, leading to employment figures rising at their slowest pace since December 2013.The monthly Markit/CIPS UK construction purchasing managers' index released Thursday morning declined 2.3 points in March to 57.8, having reached a four-month high in February, and remained below 61.8, the average for 2014 as a whole.M&S in fashion in Q4Marks & Spencer delivered its first growth from clothing and general merchandise (GM) for 14 quarters, with like-for-like sales unexpectedly rising 0.7% in both clothing and food. The market had been expecting GM sales to fall and food to be flattish. Shares were up 6%.A host of other retailers such as Next, Home Retail, Debenhams, Mothercare, Ted Baker and French Connection were also making gains.UK homewares retailer Dunelm was higher as it delivered a upbeat outlook after increasing sales by 10.7% in the third quarter, though growth did tail off slightly from the first half.Food wholesale retailer Booker also rose after saying it had a "good end to a good year" with a 1% rise in fourth-quarter sales despite ongoing price deflation, as its chairman announced his resignation.The price of iron ore on Thursday plunged below $50 per metric tonne for the first time in over 10 years, as oversupply and lacklustre Chinese demand continue to hound the market. The effect on the UK mining sector was clear with diversified heavyweights BHP Billiton, Glencore and Anglo American all in the red.Playtech's first move into the financial trading market was welcomed by investors as the online gaming group agreed to acquire forex and CFD provider company TradeFX, owner of the markets.com website, for up to €458m.Ingredient and beverage provider Tate & Lyle was higher after reiterating guidance for the current financial year, saying that it expected profit to be lower than initial estimates. Market MoverstechMARK 3,160.35 +0.52%FTSE 100 6,816.03 +0.10%FTSE 250 17,213.71 +0.53%FTSE 100 - RisersMarks & Spencer Group (MKS) 562.50p +6.03%Hikma Pharmaceuticals (HIK) 2,200.00p +3.24%Imperial Tobacco Group (IMT) 3,105.00p +1.97%Coca-Cola HBC AG (CDI) (CCH) 1,246.00p +1.96%Barclays (BARC) 252.65p +1.34%Weir Group (WEIR) 1,715.00p +1.18%London Stock Exchange Group (LSE) 2,470.00p +0.94%WPP (WPP) 1,527.00p +0.93%Associated British Foods (ABF) 2,841.00p +0.89%Standard Life (SL.) 481.60p +0.86%FTSE 100 - FallersBHP Billiton (BLT) 1,441.00p -1.97%Kingfisher (KGF) 361.10p -1.88%easyJet (EZJ) 1,841.00p -1.66%Anglo American (AAL) 1,001.00p -1.52%Antofagasta (ANTO) 723.00p -1.43%Glencore (GLEN) 280.05p -1.43%InterContinental Hotels Group (IHG) 2,613.00p -1.10%Hargreaves Lansdown (HL.) 1,150.00p -1.03%United Utilities Group (UU.) 931.00p -0.90%International Consolidated Airlines Group SA (CDI) (IAG) 595.50p -0.75%FTSE 250 - RisersTelecom Plus (TEP) 951.00p +6.97%BTG (BTG) 783.50p +6.24%Centamin (DI) (CEY) 59.60p +5.30%Rathbone Brothers (RAT) 2,151.00p +4.88%Virgin Money Holdings (UK) (VM.) 429.90p +4.60%Cranswick (CWK) 1,417.00p +3.96%Brewin Dolphin Holdings (BRW) 318.20p +3.31%Zoopla Property Group (WI) (ZPLA) 187.90p +3.07%Genus (GNS) 1,379.00p +2.83%Playtech (PTEC) 798.00p +2.77%FTSE 250 - FallersBetfair Group (BET) 2,178.00p -2.81%Vedanta Resources (VED) 482.90p -2.60%John Laing Infrastructure Fund Ltd (JLIF) 123.50p -2.60%Ladbrokes (LAD) 101.50p -2.59%Kaz Minerals (KAZ) 209.80p -1.82%Electrocomponents (ECM) 237.10p -1.78%JD Sports Fashion (JD.) 477.00p -1.65%Marston's (MARS) 155.70p -1.64%BlackRock World Mining Trust (BRWM) 287.00p -1.37%Lonmin (LMI) 118.60p -1.33%
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BUZZ-Top of the Street: Deutsche Telekom, UK Grocers, IMI, Segro, ProSieben

A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** Top-ranked Barclays downgrades Deutsche Telekom to "equal seeing in a

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5 Mar 2018 10:34

Miners, energy stocks help FTSE up from 14-month low

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5 Mar 2018 08:27

UPDATE 1-Tesco completes $5.5 bln takeover of Booker?

* Booker shares de-listed * Integration of Tesco and Booker to begin * Takeover approved by court on Friday * Investors backed deal on Wednesday (Adds March 5 (Reuters) - 4 of

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5 Mar 2018 07:20

Tesco completes $5.5 bln takeover of Booker?

LONDON, March 5 (Reuters) - Tesco, Britain's biggest retailer, has completed the 4 billion pound ($5.51 billion) takeover of Booker, on

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28 Feb 2018 12:26

Booker shareholders back Tesco takeover at general meeting

LONDON, Feb 28 (Reuters) - Shareholders in Britain's largest wholesaler Booker on Wednesday backed a takeover by Tesco, the country's biggest a of

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28 Feb 2018 12:18

Booker says shareholders back Tesco takeover at scheme court meeting

LONDON, Feb 28 (Reuters) - Shareholders in Britain's largest wholesaler Booker on Wednesday backed a takeover by Tesco, the country's biggest a of

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28 Feb 2018 11:44

UPDATE 2-Tesco and Booker shareholders give blessing to marriage

* 85 pct of Tesco investors back 3.95 bln stg deal * 83 pct of Booker shareholders support deal * Deal set to complete on March 5 * Shares in both companies of

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17 Feb 2017 14:26

BT hit weighs on hedge fund Lansdowne's January returns - letter

* Developed Markets Fund down 2.9 pct in January * Takes 1.3 pct hit from slide in BT's share price * Comcast, Amazon, Facebook all help to offset losses By Maiya Keidan LONDON, Feb 17 (Reuters) - After ending last year down heavily, the value of London-based Lansdowne Par

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1 Feb 2017 16:13

S&P keeps Tesco at BB+, but outlook unchanged at 'stable'

(ShareCast News) - Analysts at Standard&Poor's hailed Tesco's announcement of an imminent cash and shares merger with food wholesaler Booker. Nonetheless, the grocer's high pension deficit and intention to resume paying dividends in the fiscal year ending February 2018 meant its quality as a debtor

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30 Jan 2017 08:47

BUZZ-Tesco/Booker: fall on reports of competition scrutiny

** Tesco and Booker both fall c. 2pct after multiple reports the two companies will face a lengthy competition probe ** The UK's largest supermarket chain and one of the country's leading wholesalers announced a surprise merger on Friday ** Over the weekend Times reports UK's Competit

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27 Jan 2017 17:13

European shares lower as UBS weighs on banks; Tesco surges

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27 Jan 2017 17:03

LONDON MARKET CLOSE: US GDP Misses Before May-Trump Press Conference

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27 Jan 2017 16:16

UPDATE 4-Resurgent Tesco surprises with $4.6 bln swoop for wholesaler Booker

* Deal comes after two years of recovery at Tesco * Tesco to restart dividend payments in 2017-18 year * Tesco shares up 10.5 pct, Booker shares up 18 pct (Adds detail, investor comment, updates shares) By James Davey and Sarah Young LONDON, Jan 27 (Reuters) - Britain's

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27 Jan 2017 12:03

LONDON MARKET MIDDAY: Tesco-Booker Steal Show Before May-Trump Meeting

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27 Jan 2017 10:44

European shares lower as UBS weighs on banks; Tesco surges

* STOXX 600 down 0.5 pct, weighed down by banks * But index set for weekly gain on M&A, earnings, Trump boost * Swiss bank UBS drops after underwhelming results * But Tesco rallies on Booker acquisition deal * Solid updates buoy LVMH, Wartsila (ADVISORY- Follow European

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