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01 Jul 2019 | 16:59

FTSE closes higher as S&P 500 hits new record

The FTSE 100 closed up 1% at 7,497.50 as in the US the S&P 500 index hit new record levels.

Amid a sea of green, China-related stocks were particularly in favour with JPMorgan Chinese Investment Trust up 7.7% amid optimism on trade relatons between the US and China in the wake of the G20 summit.

Oil prices traded higher after producers' cartel OPEC agreed to extend production cuts out to March 2020 at its meeting in Vienna.


Publishing firm Future was up 6.9% as it guided for results for the year to 30 September to be ahead of expectations.

Advertising group WPP rose 2.2% after it announced that it had sold its minority shareholding in sports, entertainment and communications group Chime Group Holdings to majority shareholder Providence for £54.4m.

Fresnillo dropped 2% on revealing that it expected profits to take an $8m hit, owing to a reassessment of an historical Mexican tax burden.

AstraZeneca advanced 0.5% after the pharmaceutical company said that European regulators had delivered a positive opinion on the cardiovascular outcomes of its type-2 diabetes treatment.

Packaging company DS Smith firmed 0.7% as it completed the sale of two packaging businesses in France and Portugal to International Paper for €63m (£56m).


Consulting company Science Group shed 0.3% after it made a firm takeover bid for digital radio company Frontier Smart Technologies at 35p per share. Frontier shares jumped 9.2% to 35.5p amid hopes of a bidding war.

E-sports company Gfinty rallied 2% on announcing that it expected its annual performance to be 'slightly' better than market expectations, as growth in strategic partnerships helped bolster revenues and earnings.

Healthcare group Alliance Pharma dipped 3.1% after it announced that its founder and chief executive John Dawson was standing down.

Engineering group Ricardo fell 3% on news that it had agreed to shell out A$9.6m (£5.4m) acquiring Melbourne-based environment, planning and infrastructure advisory consultancy PLC Consulting.

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