Vodafone and Tesco Boost FTSE

The FTSE 100 stabilised on Tuesday after a difficult week, as Tesco and Vodafone both put in strong performances. Tesco rallied after it announced that it had won approval for a takeover bid, and Vodafone published some strong results. Meanwhile, mining companies showed some weakness.

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shareprices.com - Wednesday, November 15, 2017

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Vodafone Group

The FTSE 100 ended the session flat in percentage terms - but this was good news after three consecutive days of declines.

Tesco was the top performer, gaining 6.2 percent as its bid to take over Booker was approved by the competition regulator. Booker gained 6.8 percent following the news, which analysts called a positive catalyst for the company. However, the deal is not guaranteed, yet - the next area for concern is whether or not investors will approve it.

Meanwhile, in the retail space, Sainsbury gained 0.7 percent, after recent data showed that the company had posted the strongest increase in grocery sales over the last three months. Sainsbury’s is the second biggest grocer in the UK after Tesco.

Vodafone also put in a strong performance - the company gained five percent after increasing its forecast for full year earnings growth to 10 percent, from 4-8 percent, based on a strong performance during the first half of the year.

Meanwhile, mining stocks struggled, with Rio Tinto, Glencore, Anglo American and Antofagasta all falling between 2.5 and 3 percent, as the price of copper declined. ITV Was another weak performer - gaining 2.6 percent after it posted a one percent decline in sales for the third quarter.

Outside of the FTSE 100, Intermediate Capital posted some impressive gains, after reporting that it had seen record inflows.

 

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