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Version 2 Version 3
London Market Report London Market Report
(3 days later)
(Close): The London market held steady on Friday, with the FTSE 100 index closing up 17.8 points at 6,690.17. (Open): The London market edged higher on Monday, with the FTSE 100 index ticking up 23.24 points to 6,713.41 in early trading.
Shares across Europe had been hit on Thursday by worries over Portugal's largest listed bank, but markets saw a modest rebound on Friday. UK drug firm Shire's shares jumped 3.4% after it said it would recommend US firm AbbVie's sweetened offer of £53.20 per share to shareholders.
Imperial Tobacco rose 3% after saying it was in talks with US firms Reynolds and Lorillard to buy brands that might become available if the two merge. Sports Direct shares rose 2.9% after it said it would enter the Australian and New Zealand markets for the first time.
The two US cigarette makers have said they are in talks over a merger. The expansion comes after it agreed a deal with discount retailer MySale.
"The USA remains one of the world's largest and most profitable cigarette markets," Imperial said. The FTSE 100 saw its biggest weekly drop since March last week after fears over concerns about the health of Banco Espirito Santo - one of Portugal's biggest banks.
The biggest drag on the index came from mining shares, with Randgold Resources down 2.2% and Fresnillo 1.8% lower. On the currency markets, the pound rose 0.06% against the dollar to $1.71250 and dipped 0.14% against the euro at 1.25594 euros.
On the currency markets, the pound edged 0.15% lower against the dollar to $1.71070 and dipped 0.07% against the euro at 1.26220 euros.