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London Market Report London Market Report
(about 2 hours later)
(Open): Mothercare provided the biggest talking point on the market after it emerged it had turned down two takeover approaches from a US firm. (Noon): The pound continued to strengthen after a survey of the construction sector indicated strong growth last month.
Destination Maternity said its second proposal was worth 300p per Mothercare share, valuing the UK mother and baby products retailer at £266m. The pound was up 0.07% against the dollar at $1.7161, and rose 0.2% against the euro to 1.2560 euros.
Shares in Mothercare jumped more than 13% to 263.25p. Sterling hit a near six-year dollar high on Tuesday after an upbeat manufacturing survey raised the prospect of an early rate rise.
On the wider market, the benchmark FTSE 100 index was up 11.18 points at 6,814.10. The benchmark FTSE 100 index was up 19.72 points at 6,822.64.
The market was encouraged by the strong set of manufacturing surveys released on Tuesday, which helped to push shares on Wall Street to record highs. Outside the top share index, Mothercare jumped more than 11% after it emerged it had turned down two takeover approaches from a US firm.
Carillion shares rose 2% after the construction firm announced it had been named the preferred bidder for Liverpool Football Club's main stand expansion. Destination Maternity said its latest approach for the UK mother and baby products retailer valued it at £266m.
Housebuilder Persimmon slipped 0.4% despite reporting "strong" trading during the first half of the year. Carillion shares rose 2.2% after the construction firm announced it had been named the preferred bidder for Liverpool Football Club's main stand expansion.
Housebuilder Persimmon inched up 0.1% after reporting "strong" trading during the first half of the year.
The company said total revenues had risen by a third to £1.2bn, and it completed 6,408 homes in the period - up 28% on a year earlier.The company said total revenues had risen by a third to £1.2bn, and it completed 6,408 homes in the period - up 28% on a year earlier.
On the currency markets, the pound remained near six-year highs against the dollar. Sterling had strengthened on Tuesday after an upbeat picture of the UK manufacturing sector raised expectations of a rate rise before the end of the year.
In early trade, the pound was flat at $1.7150, while against the euro the pound edged up 0.06% to 1.2544 euros.