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11 Jun 2019 | 12:02

China stimulus hopes lift FTSE, sterling buoyed by jobs report

The FTSE 100 was up 0.4% by midday at 7,406.93 as the mining sector rallied on hopes of fresh financial stimulus for the commodity-hungry Chinese economy.

Gains for the index of leading UK shares were somewhat constrained after a strong jobs market report provided sterling with a boost.


Fashion retailer Ted Baker plunged 25.8% as it warned on profits amid 'extremely difficult' trading conditions that shrunk sales growth rates.

Supermarket chain Sainsbury's fell 0.6% as it appointed former RBS executive Jim Brown to head up its banking division.

Over 50's services group Saga gained 4.5% after it would partner with Goldman Sachs unit Marcus to offer savings products.

Catering company Compass dipped 0.9% on news that it had agreed to acquire Sweden's Fazer Food Services for an enterprise value of €475m (£424m).

Bellway Homes reversed 1.5% as the market reacted tepidly to a 4.7% rise in its sales reservation rate in its financial year to date.

Fellow house builder Crest Nicholson added 0.2%, despite its first-half profit falling 11%, as the company also stuck to its full-year guidance.

Hazard detection technology company Halma gained 1.9% after it grew its annual profit by a fifth.

Medical technology company Smith & Nephew tracked sideways on announcing that it had agreed to acquire Switzerland-based provider of optical tracking technology Atracsys Sarl, for an undisclosed sum.


Auto retailer Motorpoint added 0.5% after it reported a 13% rise in annual profit driven by increased sales across its existing sites, though margins contracted in the second half.

Online fashion retailer Quiz dropped 22.8% after it booked a 97% drop in annual profit and suspended its dividend, as heavy discounting and investment spending took a toll on margins.

Packaging company Mpac firmed 4% thanks to it reducing the size of a legacy pension deficit.

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