most european markets slip but tesco gives ftse a boost
Last Updated : GMT 09:07:40
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Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

By Tesco's blockbuster takeover news

Most European markets slip but Tesco gives FTSE a boost

Egypt Today, egypt today

Egypt Today, egypt today Most European markets slip but Tesco gives FTSE a boost

A person walks through the foyer of the London Stock Exchange
Hong Kong - Arab Today

Europe's stock markets mostly churned lower on Friday in an underwhelming end to the week, but London was buoyed by Tesco's blockbuster takeover news.

In the eurozone, Frankfurt and Paris swirled lower, beset by concerns over recent dollar gains, dealers said.

London however bumped higher after British supermarket Tesco agreed to buy wholesaler Booker for £3.7 billion in a surprise play to become the nation's top food business, slash costs and boost growth.

The purchase, worth $4.7 billion or 4.4 billion euros, sent Tesco shares soaring more than ten percent and was hailed by analysts as a "crucial" moment for the supermarket giant led by chief executive Dave Lewis.

"Equity markets continue to stumble, with a continuing rise in the US dollar hitting European assets," noted analyst Chris Beauchamp at trading firm IG.

"Fortunately we have Tesco and Booker to distract us, with the deal proving that Dave Lewis's firm remains the sector titan before which all others pale in comparison. 

"The 10-percent bounce in the shares is a clear vote of confidence by the market."

Tesco stock later stood at 205.50 pence, up 8.73 percent from Thursday's closing level.

Across in Asia, most bourses rose again following another positive lead from Wall Street, with Tokyo boosted by a plunging yen, although traders remain nervous about the outlook for global trade with Donald Trump in the White House.

- Taking a breather -

After one of the best weeks in January, gains were tempered with investors taking a breather as they keep an eye on developments in Washington where Trump is pushing on with his "America first" agenda.

Markets surged in the two months after Trump's November election win on hopes his plans for big infrastructure spending, tax cuts and slashing red tape would fan the world's biggest economy and, in turn, global growth.

The new year saw a retreat as his failure to provide any detail of his economic plans led to worries about his determination to follow through with his campaign promises.

But his decision to give the go-ahead to controversial oil pipelines across the US lifted spirits on trading floors earlier in the week as it was taken as a sign the tycoon would deliver.

In New York on Wednesday the Dow broke 20,000 for the first time and on Thursday extended those gains. The S&P 500 and Nasdaq are also sitting around record highs.

Asian markets have followed suit, rallying for most of this week.  

On Friday Tokyo rose 0.3 percent as the dollar held Thursday's rise against the yen. Sydney ended 0.8 percent higher, Singapore gained 0.4 percent and Hong Kong ended down 0.1 percent after a four-day rally.

Activity was thin heading into the Lunar New Year break, while Shanghai and Seoul were already closed.

- Key figures around 1130 GMT -

London - FTSE 100: UP 0.2 percent at 7,177.20 points

Frankfurt - DAX 30: DOWN 0.2 percent at 11,823

Paris - CAC 40: DOWN 0.5 percent at 4,843.70

EURO STOXX 50: DOWN 0.5 percent at 3,302.70

Tokyo - Nikkei 225: UP 0.3 percent at 19,467.40 (close) 

Hong Kong - Hang Seng: DOWN 0.1 percent at 23,360.78 (close)

Shanghai - Composite: Closed

New York - Dow: UP 0.2 percent at 20,100.91 (close)

Euro/dollar: UP at $1.0694 from $1.0673

Pound/dollar: DOWN at $1.2557 from $1.2593  

Dollar/yen: UP at 114.98 yen from 114.56 yen 

Oil - West Texas Intermediate: DOWN 42 cents at $53.36 per barrel 

Oil - Brent North Sea: DOWN 67 cents at $55.57

Source: AFP

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most european markets slip but tesco gives ftse a boost most european markets slip but tesco gives ftse a boost



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