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Pin to quick picksIntertek Group Share News (ITRK)

Share Price Information for Intertek Group (ITRK)

London Stock Exchange
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Share Price: 5,055.00
Bid: 5,070.00
Ask: 5,080.00
Change: -20.00 (-0.39%)
Spread: 10.00 (0.197%)
Open: 5,100.00
High: 5,100.00
Low: 5,050.00
Prev. Close: 5,075.00
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UPDATE 1-Smurfit Kappa approach boosts FTSE 100 while Just Eat sinks

Tue, 06th Mar 2018 17:45

* FTSE 100 up 0.4 pct

* Smurfit Kappa jumps on unsolicited offer

* Sector peers Mondi and DS Smith rise

* Worst day in 3 years for Just Eat(Updates prices, adds detail)

By Julien Ponthus and Helen Reid

LONDON, March 6 (Reuters) - A takeover approach for Irishpackaging group Smurfit Kappa by U.S.-based International Paperlifted shares in the whole sector on Tuesday, providing a boostto Britain's top share index.

The FTSE 100 ended up 0.4 percent, outperformingEuropean markets, as world stocks shrugged off fears of a tradewar and concerns about political risk in Italy following itsinconclusive general election.

The Irish listed shares of Smurfit Kappa, Europe'slargest producer of paper-based packaging, jumped 18.3 percentto 33.86 euros after the company said the proposal fromInternational Paper failed to reflect its growthprospects and the industry's attractive outlook..

Its London-listed shares closed up 19.6 percent,their biggest ever one-day jump.

"We believe an offer above 33 euros per share would berealistic" to start discussions between both groups, Jefferiessaid in a note. It also noted a "positive M&A read" to packagingpeers DS Smith and Mondi.

The two groups, listed in London, rose 5.6 and 2.3 percentrespectively and were among the session's top gainers.

Testing company Intertek Group also gained, closingup 4.6 percent after its results.

However, Just Eat spooked investors by announcing anextra 50 million pounds of investments to stay ahead of fooddelivery rivals. Its shares sank 12.6 percent, their worst dayin nearly three years.

"If we were honest we did not expect a figure for totalinvestment for 2018 to the magnitude of 50 million pounds,"Berenberg analysts said.

The sharp market reaction reflected "shock and concern thatthe move may in fact represent an admission that competition isintensifying for Just Eat", said Hargreaves Lansdown senioranalyst Laith Khalaf.

Another loser was industrial equipment rental companyAshtead Group whose shares were down 5.5 percent afterit released third quarter results.

Meanwhile shares in Tesco gained 3.4 percent afterdata from market researcher Kantar Worldpanel showed it wasjointly the fastest growing of Britain's big four supermarketgroups alongside Morrisons.

Broad-based strength in mining and energy stocks supportedthe FTSE 100 as commodity prices firmed.

The FTSE 250 gained 0.6 percent but some mid-capstocks suffered falls after publishing results.

Rotork shares tumbled 7.6 percent after theindustrial machinery firm's earnings disappointed. The world'slargest temporary power provider Aggreko also fell 3.9percent after results.(Editing by Peter Graff and David Stamp)

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