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Tesco seals recovery as FTSE rallies

Bargain hunters and confidence from a deal between Greece and its creditors buoyed European markets after a troubled week.

 
Tesco seals recovery as FTSE rallies

Bargain hunters and confidence from a deal between Greece and its creditors buoyed European markets after a troubled week.

The UK stock market looked to end the week end on a positive note as it pulled out of yesterday’s nose dive, with the FTSE 100 regaining 48 points or 0.6% at 7,467, led by payment services company Worldpay (WPG), which firmed 2.4% to 319.5p.

The FTSE 250 clawed back 177 points or nearly half of its 2% decline on Thursday, caused by ‘mid cap’ domestic stocks taking fright at a drop in consumer spending and a signal from the Bank of England that an interest rate rise could come sooner than expected.

Its top riser was Acacia Mining (ACAA), up 4.5% to 299.6p after reiterating its guidance for full-year production despite being hit by an export ban from Tanzania.

The FTSE Small Cap index added 22 points or 0.4% to 5,590, led by computer chip designer Imagination Technologies (IMG) which gained 6.5% to 126.5p. The stock continues to make a slow recovery after slumping in March when Apple, its main customer, announced it would ditch the company as a supplier.

All indices were down over the week, however.

Tesco (TSC) summed up the cautious mood. Despite sealing its recovery with a 2.3% rise in like-for-like sales in the 13 weeks to 27 May, the sixth successive quarter of growth, shares in the supermarket group softened after a bright start to trade virtually unchanged at 180p.

In Europe the FTSEurofirst 300 advanced 0.5% to 1,525.8 with investor sentiment buoyed by eurozone governments granting Greece a €8.5 billion credit lifeline ahead of talks on possible debt relief.

On currency markets the pound edged higher against the dollar to $1.2762.

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