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Market Wrap - Market Open

FTSE 100 opens almost unchanged

23 April 2015 09:09

The FTSE 100 opened little changed this morning. A short time ago the FTSE 100 was down 2.16 points, or 0.03%, to 7,026.08, while the FTSE 250 was 30.22 points lower, or 0.17%, at 17,605.3.

This followed small gains overnight in the US and Asia. In the US last night, the Dow gained 88 points to reach 18,038, the Nasdaq added 21 points at 5,035 and the S&P 500 climbed 11 points to 2,108.

In Asia early today, the Nikkei was up 54 points at 20,188 and the Hang Seng had gained 15 points at 28,081.

Shares in Pace (PIC), a leading global developer of technologies and products for PayTV and broadband service providers, jumped by 31% to 435.05p after it announced it had reached an agreement with Arris Group regarding the terms of a recommended cash and shares combination of the two companies.

William Hill (WMH), the bookmakers, dropped by 3.8% to 358.05p with news that it suffered its largest ever loss making week in January. Yesterday shares in its rivals, Ladbrokes (LAD), dropped after it reported that unfavourable results had also hit its first quarter earnings.

For the first quarter of the year William Hill said that Group net revenue was up 1% but that operating profit was down 19% to £16m.

Ladbrokes fell a further 1.3% to 101.4p in early trading this morning.

Fresh meat and food-to-go retailer Crawshaw (CRAW) fell 9.2% to 49.5p despite posting pre-tax profits of £1.2m for the year to the end of January - up from £1.0m last time. Total group sales for the year rose by 17% to £24.6m (2014: £21.0m) with full year like-for-like sales up 5% (2014: 11%).

Tesco (TSCO), the supermarket giant, recovered some of the ground lost when it reported record ever losses yesterday with a gain of 1.3% to 225.5p.

Story provided by StockMarketWire.com

Related Company: PIC

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