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London close: FTSE 100 flat near eight-month high, but miners surge

Thu, 16th Jan 2014 17:07

- Markets pause for breath after recent highs- Mining stocks surge as Citi turns bullish- Aberdeen drops as AuM fall- Retailers AB Foods, Halfords, Dixons, Home Retail in focustechMARK 2,843.65 +0.10%FTSE 100 6,815.42 -0.07%FTSE 250 16,209.65 -0.51%UK markets finished largely flat on Thursday after previously hitting an eight-month high as strong gains from mining stocks were offset by falls from Aberdeen and a number of retailers.The FTSE 100, which rose to 6,819.86 on Wednesday - its highest level since May 22nd 2013 - was little changed by the close, finishing down just 4.44 points at 6,815.42. The index was trading within a narrow range of 20 points of so for most of the session, swinging between gains and losses throughout the day.Despite the subdued finish for the wider market, miners put in a decent performance after upbeat comments from analysts. "The mining sector is worth its weight in gold at the moment, as the only sector propping up the market. The recent cooling-off in the commodities supercycle has meant that natural resource stocks are now undervalued," said David Madden, Market Analyst at IG.Across the Pond, markets opened in the red as investors were largely underwhelmed by quarterly earnings from bellwethers Goldman Sachs and Citigroup.Miners surge as Citi turns bullishAnalysts at Citigroup lifted its 12-month stance on the mining sector from 'neutral' to 'bullish', representing its first positive outlook for the industry in three years. The bank labelled BHP Billiton, Rio Tinto and Glencore Xstrata as its "key picks" in the sector, providing a big boost to each stock today. BHP, in particular, was upgraded from 'neutral' to 'buy'.Antofagasta, Anglo American, Fresnillo and Randgold Resources were all making gains this afternoon. Russian precious metals firm Polymetal was also firmly higher after UBS raised its recommendation from 'neutral' to 'buy', saying that company is ?well-positioned" for free cash-flow growth.In contrast, product testing group Intertek fell sharply after a downgrade by Berenberg to 'hold', and postal service and delivery firm Royal Mail was pushed lower after Beaufort Securities cut the shares to 'hold'.Associated British Foods, the food ingredients company and owner of Primark, was a heavy faller after reporting flat revenues in its first quarter, as continued strength by its Primark division was outweighed by a steep decline in revenues by Sugar.Festive sales updates from a host of other retail stocks received a mixed reaction from the markets today: Halfords impressed after a better-than-expected 5.2% jump in group like-for-like (LFL) sales in its third quarter; Dixons underwhelmed with a 3% rise in LFL sales in its third quarter; Home Retail gained after strong LFL sales from its Argos and Homebase divisions and upbeat guidance for the full year.Meanwhile, Sports Direct closed in the red after saying that it sold the 4.6% stake in fellow retailer Debenhams it bought on Monday and replaced it with a put option over a larger 6.6% shareholding.SVG Capital declined sharply after big investor Aegon sold 20m shares in the investment company. Aegon sold the stock for a total of £84m and reduced its holding to around 18.5m shares, equal to a 7.9% stake, a significant reduction to its previous holding of 15.4%.FTSE 100 - RisersAntofagasta (ANTO) 832.50p +5.38%Fresnillo (FRES) 732.50p +5.24%Tullow Oil (TLW) 907.50p +5.16%Anglo American (AAL) 1,397.50p +4.88%United Utilities Group (UU.) 689.00p +4.55%BHP Billiton (BLT) 1,860.00p +3.82%Randgold Resources Ltd. (RRS) 3,892.00p +2.69%Rio Tinto (RIO) 3,334.50p +2.47%Glencore Xstrata (GLEN) 327.20p +2.43%Imperial Tobacco Group (IMT) 2,232.00p +2.15%FTSE 100 - FallersIntertek Group (ITRK) 2,879.00p -3.36%British Sky Broadcasting Group (BSY) 845.00p -2.82%Mondi (MNDI) 1,014.00p -2.78%Associated British Foods (ABF) 2,625.00p -2.63%Lloyds Banking Group (LLOY) 84.10p -2.55%Johnson Matthey (JMAT) 3,335.00p -2.43%Burberry Group (BRBY) 1,500.00p -2.41%Amec (AMEC) 1,027.00p -2.38%Prudential (PRU) 1,345.00p -2.32%Sports Direct International (SPD) 721.00p -2.17%FTSE 250 - RisersHalfords Group (HFD) 492.50p +6.83%Polymetal International (POLY) 543.50p +5.74%Computacenter (CCC) 675.00p +4.65%CSR (CSR) 703.00p +3.38%Victrex (VCT) 1,873.00p +3.31%Petra Diamonds Ltd.(DI) (PDL) 125.00p +3.31%Vedanta Resources (VED) 897.50p +3.10%Partnership Assurance Group (PA.) 336.00p +2.60%African Barrick Gold (ABG) 193.30p +2.22%Ferrexpo (FXPO) 176.10p +2.09%FTSE 250 - FallersSVG Capital (SVI) 424.50p -8.91%Dixons Retail (DXNS) 47.11p -6.53%Premier Oil (PMO) 288.00p -6.49%AL Noor Hospitals Group (ANH) 825.00p -5.71%Homeserve (HSV) 290.70p -5.00%Ted Baker (TED) 2,118.00p -4.68%Hikma Pharmaceuticals (HIK) 1,250.00p -3.55%Booker Group (BOK) 154.90p -3.13%Crest Nicholson Holdings (CRST) 380.00p -3.06%IP Group (IPO) 175.10p -2.99%BC
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15 May 2014 12:48

UK MIDDAY BRIEFING: "Dixons Carphone" Shares Hit By Merger Deal

LONDON (Alliance News) - Shares in Carphone Warehouse Group and Dixons Retail took a hit Thursday after the companies announced a GBP3.6 billion merger that will create the UK's biggest retailer of mobile phones and electrical goods.

The new firm,

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15 May 2014 12:17

MARKET COMMENT: US Stocks Seen Lower As Wal-Mart Disappoints

LONDON (Alliance News) - US stocks are called to open modestly lower Thursday, as investors digest a weaker-than expected quarterly earnings report from Wal-Mart, and ahead of a raft of top-tier US macro-economic data. Wal-Mart, which is the world's biggest retailer, is weighing on equity f

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15 May 2014 11:43

London midday: Markets post small gains amid earnings, ECB speculation

- ECB speculation picks up after weak GDP - LSE jumps after strong annual results - Aviva, Old Mutual disappoint with earnings - Thomas Cook leads travel sector lower techMARK 2,781.23 -0.42% FTSE 100 6,889.08 +0.15% FTSE 250 15,857.35 -0.73% UK stocks were fluctuating at 14-year highs on Thursday

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15 May 2014 11:43

Further shareholder returns possible at Dixons Carphone, says Oriel Securities

Oriel Securities has reiterated a 'buy' rating for Dixons Retail, saying that the announced all-share merger with Carphone Warehouse should be seen as a positive for shareholders. After months of talks the companies announced on Thursday a 'merger of equals' that would create a entity worth around

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15 May 2014 11:35

UK WINNERS & LOSERS: LSE And Aviva Top And Tail FTSE 100

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.
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FTSE 100 - WINNERS
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London Stock Exchange Group, up 2.4%. The group said its full-year revenue r

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15 May 2014 10:24

TOP NEWS: Dixons And Carphone Warehouse In GBP3.6 Billion Merger

LONDON (Alliance News) - The following is a summary of top news stories Thursday.
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COMPANIES
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Electronics retailer Dixons Retail PLC and mobile phone retailer Carphone Warehouse Group PLC said they have

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15 May 2014 08:56

UPDATE: Dixons Retail, Carphone Warehouse Create Electronics Giant

LONDON (Alliance News) - Electronics retailer Dixons Retail PLC and mobile phone retailer Carphone Warehouse Group PLC Thursday said they'd now agreed to merge, a GBP3.6 billion deal that will create the UK's biggest retailer of mobile phones and electrical goods. In a statement Thursday, t

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15 May 2014 08:40

London open: LSE leads stocks higher as FTSE 100 extends gains

- LSE leads financial stocks higher - Dixons and Carphone announce 3.8bn-pound merger - Data-heavy session ahead - Japanese GDP surges in first quarter techMARK 2,794.14 +0.04% FTSE 100 6,886.04 +0.11% FTSE 250 15,984.75 +0.06% Strong gains from London Stock Exchange (LSE) and a merger between Dix

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15 May 2014 08:26

Dixons profits to be at top end of guidance as Carphone merger announced

Currys and PC World owner Dixons Retail, which is to merge with Carphone Warehouse, said it experienced 'another excellent year' as it updated the market on strong trading in the fourth quarter. The company said it saw a "strong outturn" across the group with full-year underlying sales up 3% and li

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15 May 2014 07:58

Dixons and Carphone Warehouse announce 3.8bn-pound merger

After months of talks, Currys and PC World owner Dixons Retail and mobile phone group Carphone Warehouse have agreed on an all-share merger valuing the combined entity at 3.8bn pounds. The new company, to be named Dixons Carphone plc, is hoped to create a "world-class British retailer for the new d

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15 May 2014 07:47

UK MORNING BRIEFING: Dixons Carphone PLC Is Born

LONDON (Alliance News) - Shares have opened marginally higher in London Thursday amid a flurry of UK corporate news and European economic statistics.

Electronics retailer Dixons Retail and mobile phone retailer Carphone Warehouse confirmed they will

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15 May 2014 07:19

Dixons Retail And Carphone Warehouse Announce Equal Merger

LONDON (Alliance News) - Electronics retailer Dixons Retail PLC and mobile phone retailer Carphone Warehouse Group PLC confirmed Thursday that they will merge in a 50/50 all-share merger. In a statement Thursday, Carphone Warehouse said the merged group will be called Dixons Carphone PLC, i

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15 May 2014 06:57

RPT-UPDATE 1-UK's Dixons and Carphone agree 3.8 bln stg retail merger

(Repeats to wider coding, no changes to text) LONDON, May 15 (Reuters) - Britain's Carphone Warehouse and Dixons Retail have agreed a 3.8 billion pounds ($6.38 billion) all-share merger, creating a powerful pan-European mobile phone and electricals group with about 2,900 stores. Carp

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15 May 2014 06:45

MARKET COMMENT: UK Stocks Set For Soft Open Ahead Of European Data

LONDON (Alliance News) - UK stocks are set to open marginally lower Thursday, following a negative close on Wall Street on Wednesday and ahead of some top-tier economic data from Europe. UK equities closed mixed on Wednesday, with only a late rally in the FTSE 100 preventing the UK's blue-c

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15 May 2014 06:17

UK's Dixons and Carphone agree 3.8 bln stg merger

LONDON, May 15 (Reuters) - Britain's Carphone Warehouse and Dixons Retail have agreed a 3.8 billion pounds ($6.38 billion) all-share merger, creating a powerful pan-European mobile phone and electricals group with about 2,900 stores. Carphone, Europe's biggest independent mobile phone reta

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