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Thur City brief: Telecity soars on offer approach

Stocks finished firmly in the red, as election-day jitters in the UK and volatility in the European bond markets weighed on sentiment.

The FTSE 100 ended the session down 0.67% at 6,886.95 having dropped as much as 1.8% earlier in the session to an intraday low of 6,810.05 – its lowest intraday level since 2 April when it touched 6,801.27.

Company news was headed by solid results from BT and continuing pressure on supermarket group Morrisons which said it expects a pick up in the second half. Results were not as bad as many had feared, but that didn’t stop the stock from dropping 6.5%. BT erased an earlier gain despite the telecoms giant’s annual profits beating City forecasts for earnings and cash flow as it added a record number of new broadband customers in the fourth quarter.

Data centre company Telecity soared 21.73%  to 1095p after receiving an offer from Equinix at 1145p per share.

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