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London close: Stocks rise tentatively ahead of four-day weekend, M&S jumps

Thu, 02nd Apr 2015 16:37

Strong performances from Marks & Spencer and others in the retail sector pushed London stocks higher on Thursday ahead the four-day weekend.However, gains were only modest on the back of mixed economic data, UK political uncertainty and concerns over Greece.The FTSE 100 was up 0.35% by the end of trade at 6,833.46. UK markets will not be open again until next Tuesday.Analyst Alastair McCaig from IG said traders were "half-hearted" following a bullish first quarter and ahead of the Easter break. "The ubiquitous mention of Greece and its travails surrounding austerity has hung around the markets again today," he said.Athens submitted a new proposal of economic reforms overnight "which is more specific and quantified", according to the Greek finance ministry. The 26-page document suggests that Greece could raise as much as €6bn this year as it looks to unlock €7.2bn in bailout funds before it runs out of money.Nevertheless, EU officials claimed the new list still needs more work and a deal is not expected before the next meeting of Eurozone finance ministers on 24 April.Investors were also waiting to hear from the leaders of the seven top political parties in the UK who are due battle it out in a live, televised debate on Thursday evening in the run-up to the general election in May.Political uncertainty was cited as one of the reasons why growth in the British construction industry slowed down in March as companies delayed spending decisions, leading to employment figures rising at their slowest pace since December 2013.The monthly Markit/CIPS UK construction purchasing managers' index released Thursday morning declined 2.3 points in March to 57.8, having reached a four-month high in February, and remained below 61.8, the average for 2014 as a whole.Wall Street stocks were swinging between gains and losses after the opening bell despite a batch of strong economic data, with jobless claims falling to a nine-week low last week and the US deficit shrinking 16.9% in February.Investors were treading cautiously ahead of the release of the US non-farm payrolls report on Friday, with the New York Stock Exchange closed. "The absence of this volatility catalyst in openly traded equity markets has thrown traders," McCaig said.M&S in fashion in Q4Marks & Spencer delivered its first growth from clothing and general merchandise (GM) for 14 quarters, with like-for-like sales unexpectedly rising 0.7% in both clothing and food. The market had been expecting GM sales to fall and food to be flattish. Shares were up 6%.A host of other retailers such as Next, Home Retail, Debenhams, Mothercare, Ted Baker and French Connection were also making gains.UK homewares retailer Dunelm was higher as it delivered a upbeat outlook after increasing sales by 10.7% in the third quarter, though growth did tail off slightly from the first half.Food wholesale retailer Booker also rose after saying it had a "good end to a good year" with a 1% rise in fourth-quarter sales despite ongoing price deflation, as its chairman announced his resignation.The price of iron ore on Thursday plunged below $50 per metric tonne for the first time in over 10 years, sending shares in diversified heavyweights BHP Billiton, Glencore and Anglo American into the red.Playtech's first move into the financial trading market was welcomed by investors as the online gaming group agreed to acquire forex and CFD provider company TradeFX, owner of the markets.com website, for up to €458m.Ingredient and beverage provider Tate & Lyle was higher after reiterating guidance for the current financial year, saying that it expected profit to be lower than initial estimates. Market MoverstechMARK 3,162.92 +0.61%FTSE 100 6,833.46 +0.35%FTSE 250 17,268.83 +0.85%FTSE 100 - RisersCoca-Cola HBC AG (CDI) (CCH) 1,279.00p +4.66%Marks & Spencer Group (MKS) 554.00p +4.43%Hikma Pharmaceuticals (HIK) 2,195.00p +3.00%Imperial Tobacco Group (IMT) 3,131.00p +2.82%Weir Group (WEIR) 1,737.00p +2.48%Barclays (BARC) 254.75p +2.19%Associated British Foods (ABF) 2,866.00p +1.78%WPP (WPP) 1,539.00p +1.72%Carnival (CCL) 3,310.00p +1.60%Unilever (ULVR) 2,856.00p +1.53%FTSE 100 - FallersBHP Billiton (BLT) 1,431.50p -2.62%Antofagasta (ANTO) 718.00p -2.11%Anglo American (AAL) 997.00p -1.92%Shire Plc (SHP) 5,160.00p -1.90%easyJet (EZJ) 1,844.00p -1.50%Kingfisher (KGF) 362.80p -1.41%Fresnillo (FRES) 691.50p -1.21%Glencore (GLEN) 280.75p -1.18%Burberry Group (BRBY) 1,715.00p -0.92%Rolls-Royce Holdings (RR.) 943.50p -0.68%FTSE 250 - RisersTelecom Plus (TEP) 932.50p +4.89%BTG (BTG) 773.00p +4.81%Centamin (DI) (CEY) 59.30p +4.77%Booker Group (BOK) 148.90p +4.56%Cranswick (CWK) 1,424.00p +4.48%Zoopla Property Group (WI) (ZPLA) 189.90p +4.17%Brewin Dolphin Holdings (BRW) 319.90p +3.86%Euromoney Institutional Investor (ERM) 1,142.00p +3.82%Entertainment One Limited (ETO) 312.10p +3.79%Rathbone Brothers (RAT) 2,124.00p +3.56%FTSE 250 - FallersElectrocomponents (ECM) 232.80p -3.56%Vedanta Resources (VED) 479.20p -3.35%Evraz (EVR) 191.40p -3.09%JD Sports Fashion (JD.) 470.50p -2.99%John Laing Infrastructure Fund Ltd (JLIF) 123.40p -2.68%Infinis Energy (INFI) 182.00p -2.15%Betfair Group (BET) 2,194.00p -2.10%Lonmin (LMI) 118.00p -1.83%Ladbrokes (LAD) 102.40p -1.73%Petra Diamonds Ltd.(DI) (PDL) 181.10p -1.68%

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