LONDON MARKETS: FTSE 100 In Holding Pattern As Unilever's Drop Caps Gains
February 20 2017 - 3:55AM
Dow Jones News
By Victor Reklaitis, MarketWatch
Kraft Heinz Co. withdrew bid for Unilever over weekend
U.K. stocks showed little change Monday, with the main benchmark
weighed down by a drop in Unilever PLC shares after Kraft Heinz Co.
withdrew its bid for the consumer goods giant.
The FTSE 100 was roughly flat at 7,298. The gauge last week
gained 0.6%, putting it around a one-month high.
"It would appear we're still in a kind of trance at the moment
whereby equity markets continue to shuffle higher in the hope that
Donald Trump will deliver on his fiscal stimulus, tax and
deregulation plans," said Craig Erlam, senior market analyst at
Oanda, in a note.
But Erlam said he sees no conviction in the recent steps higher,
and "we're nearing the point at which investors may start demanding
something a little more concrete."
Trading was expected to be somewhat subdued Monday, given U.S.
markets are closed for Presidents Day
(http://www.marketwatch.com/story/which-markets-will-be-closed-on-presidents-day-2017-02-16).
(http://projects.marketwatch.com/2017/trump-today-signup/)
Movers: Shares in Unilever PLC (ULVR.LN) (ULVR.LN) (UNA.AE) fell
7% after American rival Kraft Heinz Co. (KHC) on Sunday dropped its
$143 billion offer
(http://www.marketwatch.com/story/kraft-heinz-withdraws-bid-for-unilever-2017-02-19)
for the Anglo-Dutch consumer goods giant.
Shares in Royal Bank of Scotland PLC (RBS.LN) (RBS.LN) gained 4%
following news the bank might not sell its Williams & Glyn
business
(http://www.marketwatch.com/story/rbs-may-forgo-williams-glyn-sale-2017-02-20).
RBS had agreed to the sale during the financial crisis, but it has
proved troublesome.
The pound was trading at $1.2473, up from $1.2421 late Friday,
as traders braced for debate in the House of Lords over the Brexit
bill. The bill would keep the U.K. on course to leave the European
Union, and the Lords are expected to offer amendments but not stop
the triggering of Article 50, the formal start to talks on the
withdrawal.
(END) Dow Jones Newswires
February 20, 2017 04:40 ET (09:40 GMT)
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