Newspaper article The Journal (Newcastle, England)

US Progress Helps Push FTSE Higher; FTSE 100 Carmen Gabriel Brewin Dolphin

Newspaper article The Journal (Newcastle, England)

US Progress Helps Push FTSE Higher; FTSE 100 Carmen Gabriel Brewin Dolphin

Article excerpt

THE news that negotiations regarding the US fiscal cliff are making progress cheered investors, and the FTSE 100 Index started the day in positive territory.

Investors shrugged off mixed economic news from the US to push further into the black. Initial jobless claims in the US fell more than expected and US GDP growth for the third quarter was revised up, although not by as much as had been expected. The FTSE 100 Index ended the day up 67 points at 5870.3. Invensys has agreed a deal to sell Siemens its Invensys rail division for a consideration of PS1,742m. This equates to approximately 76.7p per share, representing an uplift of 34% on the pre-bid rumour price.

Management expects the deal to complete in the second quarter of 2013 pending regulatory approval. The company''s share price rose 8.9% to close at 305.6p. Pennon's interim results released yesterday were in line with guidance given a few weeks ago. Revenue fell 1.4% to PS633. …

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