FTSE Gains as Food Groups Show Strength

The FTSE 100 ended the week on a high note as strength in food groups helped it to bounce back from an intraday low of 7,253.

shareprices.com - Friday, February 17, 2017

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The UK’s leading index was bolstered by takeover talk, with Unilever rejecting an approach by US food company Kraft Heinz. The bid was the fourth biggest in corporate history, but Unilever turned down the approach. Kraft vows that it will be coming back to the negotiating table, and Unilever stands to make further gains thanks to the interest in the company.

The riser’s list was full of food companies, with Coca Cola also looking strong, as was Imperial Brands. Reckitt Benckiser benefited from the optimism in the food sector, and Associated British Foods made it into the top ten as well, gaining 1.6 percent.

Standard Chartered extended its earlier losses, falling victim to what appears to be an ongoing round of poor sentiment towards bankers. Meanwhile, the market for mid caps was flat, and small caps inched up just 0.2 percent.

The pound slipped slightly against the dollar, and while individual food companies were strong, supermarkets struggled with Tesco and Marks and Spencer struggling following a spending slow down. The supermarkets as a whole are struggling with competition from out of town discounters, and the low value of the pound is an issue as well, causing price increases. A vegetable shortage has hit some consumers, and we are slowly starting to see the markets adapt to fears over the future.


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