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UK Market UK closed in the green yesterday, on optimism over further economic stimulus from the US and hopes for a swift economic recovery. Virgin Money climbed 7.7%, after the company reported a profit in the first quarter and set aside another £726.0 million in bad loan provisions. Tate & Lyle added 1.6%, after a top broker upgraded its rating on the stock to 'Overweight' from 'Equalweight'. On the other hand, BP Plc declined 6.6%, as the company reported its first annual loss in a decade. Just Eat Takeaway.com dropped 3.4%, after the online food delivery company raised €1.1 billion in convertible bonds. SSE shed 0.1%. The power producer company announced that it has appointed banks to explore options for the sale of all or some of its stake in Scotia Gas Networks. The FTSE 100 advanced 0.8%, to close at 6,516.7, while the FTSE 250 rose 1.5%, to end at 20,690.2. .
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UK Market Markets finished mixed yesterday. Chemring Group climbed 10.7%, after posting an upbeat annual result. Redrow climbed 3.3%, following a rating upgrade on the stock to 'Overweight' from 'Neutral'. JD Sports Fashion advanced 3.0%, after the company acquired US based, Shoe Palace, for a consideration of $325.0 million along with an equity share in the enlarged group for the company’s founders. BP added 0.4%, after a top broker raised its target price on the stock to 475.0p from 400.0p. WPP rose 0.3%. The advertising company announced that it would restate its financial statements for 2017, 2018 and 2019 to comply with accounting rules. Meanwhile, Airtel Africa plunged 20.2%, after an institutional investor sold 60 million shares in the telecommunications company in a placing. The FTSE 100 declined 0.3%, to close at 6,513.3, while the FTSE 250 rose 0.4%, to end at 19,852.4. .
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UK Market UK markets closed in the green yesterday, after the Bank of England (BoE) boosted its bond buying programme. RSA Insurance Group skyrocketed 45.8%, as the company received a £7.1 billion takeover offer from Canada’s Intact Financial Corp. and Danish insurer Tryg A/S. Inchcape jumped 6.6%, after the company reported a higher than expected earnings in the third quarter and issued an upbeat forecast for its second half. On the flipside, Aveva Group declined 5.8%, as the software company kept its dividend unchanged and reported an interim loss. J Sainsbury dropped 5.2%, after announcing plans to cut 3,500 jobs, amid crisis in its fresh fish and meat counters and Argos stores. BP fell 2.0%, after the company’s stock went ex-dividend. Marks & Spencer Group slid 0.6%, after the retailer posted a sharp drop in first half earnings. The FTSE 100 advanced 0.4%, to close at 5,906.2, while the FTSE 250 rose 0.7%, to end at 17,928.5. .
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UK markets finished in the red yesterday, amid concerns about rising Covid-19 cases and doubts about the US stimulus package. Bloomsbury Publishing jumped 18.1%, after the Harry Potter publisher posted higher interim profit and resumed dividend payments. InterContinental Hotels Group dropped 2.4%, after a top broker lowered its target price on the stock to 5,000.0p to 4,900.0p. BP fell 2.1%, after reporting profit on a replacement cost basis. Whitbread shed 2.0%, after the company swung to a loss in the first half of the year as its hotels were closed due to the coronavirus lockdown. Flutter Entertainment slid 0.9%, following a rating downgrade on the stock to ‘Sector Perform’ from ‘Outperform’. On the contrary, HSBC Holdings rose 3.4%, after announcing plans to move to a fee based businesses model as it unveiled a less than expected fall in third quarter profits. The FTSE 100 declined 1.1%, to close at 5,729.0, while the FTSE 250 fell 1.5%, to end at 17,587.7. .
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Are things starting to stabilise at BP? Shares rallied 2 per cent as the company swung back to a profit in the third quarter. Underlying replacement cost profit for the quarter rose to $86m, compared with a loss of $6.7bn for the second quarter of 2020 and down 96 per cent from $2.3bn profit for the third quarter of 2019. BP said the result benefitted from the absence of significant exploration write-offs and recovering oil and gas prices and demand. This was partly offset by a significantly lower oil trading result, the company said. The dividend was maintained at 5.25 cents.
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