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FTSE 100 higher as supermarkets boosted by merger deal FTSE 100 makes small gains supported by miners
(about 20 hours later)
(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. (Close): Shares in the FTSE 100 ended just 0.15% higher at 6,844.80, losing early gains after the news on the negotiations over Greece's bailout turned negative.
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". Shares in mining and energy companies did well as commodity prices rose. Anglo American rose 1.1% and BHP Billiton rose 1.3%.
Shortly before midday, the FTSE 100 was 19.50 points higher at 6,854.37. Oil giant Royal Dutch Shell rose 2.3% and BG Group was 1.9% higher on hopes that the latest figures on US oil and gas stocks would show continuing falls.
Energy shares also bolstered the index as oil prices rose. The numbers were released after the close of the UK market and showed crude oil stocks falling but also an unexpected rise in gasoline stocks. The net result was a sudden fall in the price of Brent crude oil to $63.32
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 supermarkets rose after news of a planned merger on the continent between Dutch-based Ahold and Belgium's Delhaize.
Oil giant Royal Dutch Shell rose 1.7% and BG Group was 1.6% higher. Morrisons was up 2.6% and Sainsbury's shares rose 2.3%. Sainsbury's shares were also boosted by Societe Generale raising its rating on the stock to "buy" from "hold"..
Shares in Stagecoach rose 0.8% after the transport group reported an increase in full-year profits. Shares in Stagecoach rose 2.6% 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 0.17% against the dollar to $1.5755, and dipped 0.05% against the euro to €1.4078. Shares in the software company Sage fell 6% after new Chief Executive Stephen Kelly acknowledged that it had been slow to respond to changes in the technology sector.
On the currency markets, the pound fell 0.03% against the dollar to $1.5682, and dipped 0.43% against the euro to €1.4024.