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FTSE 100 moves higher with Tesco and miners leading the way

Discussion in 'Market News' started by Lily, Oct 14, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Investors shrug off Brexit uncertainties as Chinese data supports miners

    Leading shares are on the rise again after a couple of days of uncertainty on concerns about the prospects for the UK once Brexit finally happens.

    But with Chinese inflation showing signs of picking up - a positive for the state of the country’s economy - mining shares are helping to push the leading index higher.

    The abrupt end to Marmite-gate last night, with Tesco and Unilever coming to a price agreement, and a rebound from its mining stocks has allowed the UK index to climb back above the 7000 mark. The Eurozone indices were similarly robust in their gains this Friday, the DAX and CAC rising 0.8% and 1% respectively.

    Man Group is a long way from firing on all cylinders and arguably the time to buy it is in anticipation of that. We are not suggesting that is going to happen immediately but after recent share price weakness (-28% in last 6 months) we believe there is enough in today’s statement to reignite interest. Assets under management progress is broadly in-line, there is an interesting bolt-on acquisition and also the launch of a $100m share repurchase should all ensure the shares head towards our target price of 125p.

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