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Pin to quick picksWPP Share News (WPP)

Share Price Information for WPP (WPP)

London Stock Exchange
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Share Price: 759.60
Bid: 759.00
Ask: 759.40
Change: 19.80 (2.68%)
Spread: 0.40 (0.053%)
Open: 742.60
High: 759.60
Low: 739.60
Prev. Close: 739.80
WPP Live PriceLast checked at -

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MARKET COMMENT: FTSE 100 Rebounds As ASOS, Sports Direct Chiefs Sell Shares

Thu, 24th Oct 2013 09:43

LONDON (Alliance News) - London's stock indices are mostly higher, with the FTSE 100 recouping losses from Wednesday, buoyed by strong overnight data from China as well as some strong UK corporate releases.

By mid-morning Thursday the FTSE 100 is up 0.3% at 6,692.50 and the FTSE 250 is up 0.2% at 15,527.20. Only the AIM is down, with the AIM All-Share marginally lower at 799.42.

Stocks opened higher after data showed China's manufacturing growth hit a seven-month high in October, adding to evidence that its growth is regaining strength after the slowdown witnessed in the first half of the year. China's PMI rose by more than expected to 50.9 in October from 50.2 in September.

Germany's manufacturing PMI came in at 51.5 for October, up from 51.1 in September and in line with expectations, while the services PMI missed expectations, coming in at 52.3 for October, down from 53.7 in September. The expectation has been for an increase to 53.9.

The euro has a muted negative reaction the numbers from Germany and other euro-zone countries and now trades close to flat on the day against the dollar at USD1.3785. The pound is also little moved against the greenback, currently trading at USD1.6170.

A busy day in the UK corporate calendar sees the Aerospace & Defense sector up more than 1%, led higher by Rolls-Royce, up more than 2%. Following positive results from US airplane maker Boeing on Wednesday, there is a positive read across to UK engineering stocks Thursday, says Liberum Capital analyst Ben Bourne. Having just returned from an investor/analyst day at fellow manufacturer and engineer Senior PLC, Bourne says the "outlook remains rosy" for the whole sector.

On the other side of the coin, recent FTSE 100 entrant Sports Direct is the biggest blue chip loser, down 4.6% after Chief Executive Mike Ashley sold GBP106 million worth of shares. A regulatory filing from the company Thursday showed Ashley had sold 16 million shares at 662.5 pence each through his MASH Holdings Ltd investment company, a 2.7% stake in the company. He is still left with a 61.7% stake in the business after the sale, although has pledged not to sell any more shares for 180 days as a condition of the sale.

AIM giant ASOS is down close to 2% after a handful of senior managers sold GBP94.1 million worth of shares in the wake of the company's strong results Wednesday. Chief Executive Nick Robertson will use some of his return from the placing to award staff a GBP2.8 million special bonus, a spokesman said.

Next to look out for in the data calendar is the result of the latest Confederation of British Industry industrial trends survey, out at 1100 BST, with the expectation of a reading of 10, up from 9 last month.

In the afternoon, the US Markit manufacturing PMI is due at 1358 BST with new home sales data to follow.

By Jon Darby; jondarby@alliancenews.com; @jondarby100

Copyright 2013 Alliance News Limited. All Rights Reserved.

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UK earnings, trading statements calendar - next 7 days

Friday 16 February 
NatWest Group PLCFull Year Results
Segro PLCFull Year Results
TBC Bank Group PLCFull Year Results
Monday 19 February 
Bank of Cyprus Holdings PLCFull Year Results
MoneySupermarket.com PLCFull Year Results
Transense Technologies PLCHalf Year Results
Wilmington PLCHalf Year Results
Tuesday 20 February 
Antofagasta PLCFull Year Results
Barclays PLCFull Year Results
BHP Group LtdHalf Year Results
Coca-Cola Europacific Partners PLCFull Year Results
Gran Tierra Energy IncFull Year Results
InterContinental Hotels Group PLCFull Year Results
Petra Diamonds LtdHalf Year Results
Springfield Properties PLCHalf Year Results
Wednesday 21 February 
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Conduit Holdings LtdFull Year Results
Glencore PLCFull Year Results
HSBC Holdings PLCFull Year Results
Rio Tinto PLCFull Year Results
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Tate & Lyle PLCTrading Statement
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Jupiter Fund Management PLCFull Year Results
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WPP PLCFull Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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