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FTSE 100 higher as supermarkets boosted by merger deal FTSE 100 higher as supermarkets boosted by merger deal
(about 3 hours later)
(Open): Shares in supermarkets led the FTSE 100 higher after news of a merger on the continent between Dutch-based Ahold and Belgium's Delhaize. (Noon): Shares in supermarkets led the FTSE 100 higher after news of a planned merger on the continent between Dutch-based Ahold and Belgium's Delhaize.
Sainsbury's shares rose 2.4% and Morrisons was up 2.1%. Sainsbury's shares were also boosted by Societe Generale raising its rating on the stock to "buy" from "hold". Morrisons was up 3% and Sainsbury's shares rose 2.5%. Sainsbury's shares were also boosted by Societe Generale raising its rating on the stock to "buy" from "hold".
The FTSE 100 index was 10.21 points higher at 6,845.08. Shortly before midday, the FTSE 100 was 19.50 points higher at 6,854.37.
Investors will be awaiting the latest developments in the Greek debt crisis. Energy shares also bolstered the index as oil prices rose.
The Greek Prime Minister, Alexis Tsipras, is to hold fresh talks with his country's creditors as he tries to secure an urgent deal. Eurozone finance ministers are due to meet on Wednesday evening. Hopes that new figures from the US will show oil stocks continuing to fall pushed the price of Brent crude up 48 cents to $64.93 a barrel, while US benchmark crude rose 45 cents to $61.64.
Shares in Stagecoach rose 0.3% after the transport group reported an increase in full-year profits. Oil giant Royal Dutch Shell rose 1.7% and BG Group was 1.6% higher.
Shares in Stagecoach rose 0.8% after the transport group reported an increase in full-year profits.
Pre-tax profits excluding one-off items rose to £185m from £180.7m a year earlier, with revenues up to £3.2bn from £2.93bn.Pre-tax profits excluding one-off items rose to £185m from £180.7m a year earlier, with revenues up to £3.2bn from £2.93bn.
On the currency markets, the pound rose 0.36% against the dollar to $1.5787, and edged 0.03% higher against the euro to €1.4089. On the currency markets, the pound rose 0.17% against the dollar to $1.5755, and dipped 0.05% against the euro to €1.4078.