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London turns lower on weak construction

London Stock ExchangeWed close: London turned lower on weaker than expected UK construction activity and the FTSE 100 fell to 6,097 before closing just 5.8 points down at 6,147.

Construction figures have been a bright spot for the UK economy since August 2013, so today’s slower growth disappointed the market.

Oil was stronger. Brent crude rose 0.91% to $37.15 per barrel and West Texas Intermediate increased 1.17% to $34.18 per barrel at 1643 GMT.

Virgin Money rocketed 7% to close at 364p on a sharp rise in profits.  ITV fell despite decent results and a dividend of 10p per share.

The FTSE 100 had finished higher on Tuesday, led by the London Stock Exchange after the Intercontinental Exchange confirmed it was considering making a bid for the UK exchange to rival Deutsche Boerse’s.

ICE, which owns the New York Stock Exchange, said no approach has been made to the LSE.

Wall Street was boosted by better oil prices and positive manufacturing data.

The Dow Jones closed 348 points or 2.1%, higher at 16,865 while the S&P 500 added 2.39% rising to 1,978 and the Nasdaq gained 2.89% to 4,689.

Stocks in Asia are enjoying a two months high, with Japan’s Nikkei and the Shanghai Composite rising more than 4%, while Hong Kong’s Hang Seng was up over 3%.

 



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