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Wed close: FTSE rebounds above 7,000

Stocks rebounding from heavy losses in the previous session, although there were few surprises in the Queen’s Speech to give clear direction.

The FTSE 100 closed 1.24% higher at 7,034.9, as traders shrugged off immediate concerns around Greece.

Brent Crude was down 1.77% to $62.59 a barrel, driving oil and energy stocks lower, including Premier Oil, Ophir Energy and Infinis Energy. Another note from Credit Suisse warned investors to expect near-term weakening in the sector.

Others in the building and construction sectors also ended higher, including Ashtead, Travis Perkins, Wolseleyand Persimmon.

IAG was lifted by news that the Irish government agreed to sell its 25% stake in Aer Lingus, allowing the British Airways owner to officially launch its €1.36bn bid for the Irish airline.

Meanwhile, engineer Weir Group was in the red after being hit with a downgrade to ‘hold’ by analysts at Deutsche Bank.

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