London Report: FTSE records slight rise on Intertek and Weir speculation BRITAIN’S top equity index yesterday managed a slight gain, as speculation about a takeover lifted engineering group Weir and a broker upgrade buoyed the quality-control and safety-services company Intertek. The blue-chip FTSE 100 index closed up 0.1 per cent, or 4.96 points, at 6,682.48 points. Weir rose two per cent, to 2,576p, the biggest FTSE gain in percentage terms. The company ended its corporate broker firm with Bank of America Merrill Lynch on Monday, suggesting it may be targeted by bigger rivals for a takeover. Weir said the bank’s appointment by another company, which Weir did not name, created a conflict of interest. Intertek rose 1.8 per cent, to 2,755p, after Numis raised its rating on the company to “add” from “hold”. A day earlier, Intertek had reported higher interim profits and dividend. However, aircraft parts supplier Meggitt fell 4.7 per cent, to 479.70p, after Meggitt lowered its full-year expectations for organic revenue growth due to bigger-than-expected declines in US military spending. Source: cityam/ newsinlondon/london-report-ftse-records-slight-rise-on-intertek-and-weir-speculation/
Posted on: Wed, 06 Aug 2014 04:15:32 +0000
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