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FTSE 100: This morning’s risers and fallers

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UK stocks edged higher on Wednesday morning though upside was limited as investors showed caution ahead of some key risk events that could spark volatility on global financial markets.

The FTSE 100 was 0.3% higher at 6,822 early on after finishing at 6,802.92 the day before, its highest close since June 20th.

While the economic data schedule for today looks relatively quiet, markets will still be keeping a close eye on indicators from the States later on, including the ADP employment report and US factory orders. A speech from Federal Reserve Chair Janet Yellen will also be in focus this afternoon.

However, Thursday’s session will be jam-packed with service-sector figures due out in China, the Eurozone and UK, as well as a policy meeting at the European Central Bank and the all-important US non-farm payrolls figure.

Mothercare jumps after bid rejection

Mothercare shares soared after it was revealed that the company has turned down two takeover bids from US-based Destination Maternity. Nasdaq-listed Destination Maternity said its second written offer on Tuesday was was worth 300p per Mothercare share, valuing its London-listed peer at £266m ($455m).

Mining stocks were extending gains after being boosted by upbeat economic data from China the day before. Rio Tinto, Fresnillo and Antofagasta were in demand this morning.

Following on from its UK housebuilding peers, Persimmon continued to sell more houses and at higher prices, although its forward sales revenue growth slowed from the first quarter, causing shares to fall early on.

Tullow Oil also declined after reporting a decline in profits on flat revenues in its first half and said it expects an exploration write-off of $415m.

Construction, services and property group Kier gained after saying that its underlying trading performance for the year to June 30th “remains on course” while sector peer Carillion rose after saying that orders are holding up and it expects to start increasing revenue again this year following a weak first half.

Online grocer Ocado was rebounding after a heavy fall the previous day with analysts at Deutsche Bank providing a lift by upgrading the stock to ‘hold’. The company underwhelmed the market with its interim results on Tuesday.

A host of stocks were trading lower this morning after going ex-dividend, including Burberry, Royal Mail, TalkTalk, British Land, Dairy Crest, De La Rue, ICAP and Halfords.

FTSE 100 – Risers
Coca-Cola HBC AG (CDI) (CCH) 1,362.00p +1.79%
Ashtead Group (AHT) 910.00p +1.73%
Fresnillo (FRES) 913.50p +1.67%
BG Group (BG.) 1,266.00p +1.52%
Standard Chartered (STAN) 1,210.00p +1.43%
Schroders (SDR) 2,571.00p +1.22%
Wolseley (WOS) 3,295.00p +1.14%
Rio Tinto (RIO) 3,239.00p +1.14%
InterContinental Hotels Group (IHG) 2,442.00p +1.08%
Associated British Foods (ABF) 3,064.00p +1.06%

FTSE 100 – Fallers
Burberry Group (BRBY) 1,453.00p -1.76%
Royal Mail (RMG) 482.60p -1.75%
Babcock International Group (BAB) 1,152.00p -1.03%
RSA Insurance Group (RSA) 474.50p -0.79%
Vodafone Group (VOD) 194.50p -0.79%
Friends Life Group Limited (FLG) 315.00p -0.72%
Petrofac Ltd. (PFC) 1,199.00p -0.58%
Pearson (PSON) 1,154.00p -0.52%
CRH (CRH) 1,530.00p -0.46%
Persimmon (PSN) 1,293.00p -0.39%

Source: ShareCast

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