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FTSE 100 led higher by Experian and SABMiller FTSE 100 closes higher despite disappointing Draghi speech
(about 4 hours later)
(Noon): Credit data company Experian led the market higher as investors continued to react to its better-than-expected results released on Tuesday. (Close): Shares in London finished higher despite a disappointing speech by European Central Bank (ECB) president Mario Draghi.
Its shares rose a further 3.2% after Citigroup raised its share price target for the firm. Investors hoped Mr Draghi's speech to the Bank of England's Open Forum might contain clues to future ECB policy.
The benchmark FTSE 100 index was up 29.47 points at 6,304.75. The benchmark FTSE 100 index ended up 21.92 points at 6297.20.
SABMiller was another big riser, climbing 2.7%, after the brewing giant agreed the terms of its takeover by rival AB InBev. Shares in credit data firm Experian were 2.27% higher as investors continued to react to its better-than-expected results released on Tuesday.
Speaking in London Mr Draghi addressed the need for closer economic union among those countries sharing the euro.
But analysts had expected more detail on the prospect of an extension to the ECB's massive €60bn (£42bn) monthly bond buying programme to combat low inflation.
SABMiller climbed 1.86%, after the brewing giant agreed the terms of its takeover by rival AB InBev.
As part of the deal, SABMiller is to sell its 58% stake in its US joint venture MillerCoors to its main partner in the business, Molson Coors, for $12bn (£7.9bn).As part of the deal, SABMiller is to sell its 58% stake in its US joint venture MillerCoors to its main partner in the business, Molson Coors, for $12bn (£7.9bn).
Sainsbury's shares made a bright start to the day after its latest results, but then changed direction and by midday were down 3.7%. Sainsbury's shares made a bright start to the day after its latest results, but then changed direction and ended the day down 7%.
The retailer said underlying half-year profits fell 17.9% to £308m as the price war between the major supermarkets continued to have an impact.The retailer said underlying half-year profits fell 17.9% to £308m as the price war between the major supermarkets continued to have an impact.
In the FTSE 250, shares in TalkTalk jumped 10% after it said its full-year results were on track to meet expectations, despite saying last month's cyber-attack would cost it up to £35m. In the FTSE 250, shares in TalkTalk jumped 13% after it said its full-year results were on track to meet expectations, despite saying last month's cyber-attack would cost it up to £35m.
On the currency markets, the pound rose 0.3% against the dollar to $1.5166, and was also 0.3% higher against the euro at €1.4141. On the currency markets, the pound rose 0.3% against the dollar to $1.520, and was also 0.5% higher against the euro at €1.4141.
Sterling had weakened initially following the release of the latest jobs and wages statistics, which showed the rate of earnings growth slowing slightly.Sterling had weakened initially following the release of the latest jobs and wages statistics, which showed the rate of earnings growth slowing slightly.
Pay growth is an area that has been closely watched by the Bank of England, and analysts said the latest figures supported the view that interest rates are likely to remain on hold for some time.Pay growth is an area that has been closely watched by the Bank of England, and analysts said the latest figures supported the view that interest rates are likely to remain on hold for some time.