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Wed City brief: City ticking over ahead of election

The FTSE100 was treading water ahead of the General Election with most focus on key announcement from a number of blue chips. The index closed up 6.16 points (+0.09%) at 6,933.74,

GlaxoSmithKline said earnings per share for the current year are expected to be significantly lower than expected. More encouragingly, GSK has said it aims to maintain the dividend for the next three years.

Sainsbury’s led the fallers after plunging  to its first annual loss in a decade, prompting it to slash it full-year dividend by 23.7%.

Aberdeen Asset Management dipped as RBC Capital Markets cut its price target to 440p from 455p, after it revised its estimates following the company’s first-half results on Tuesday.

After an early fall, software company Sage surged to the top of the risers, up 7.96% at 536p as it said it is on track to meet 2015 targets.

Engineering giant GKN was in demand after saying it still expects growth in 2015 as a strong automotive performance drove a 1% increase in organic sales in the first quarter.

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