Home Market FTSE 100 closes higher while Stobart AGM ends without a result

FTSE 100 closes higher while Stobart AGM ends without a result


The FTSE staged a last minute recovery this afternoon after a stronger pound pushed it into the red earlier in the day.

Better than expected job growth in the US was not enough to offset the impact of flat wages, meaning the pound gained against the dollar.

The FTSE 100 closed up 5.9 points at 7,609.12.

‚ÄčThe big news of the day was expected to be the result of the Stobart Group AGM, as activist shareholders tried to unseat chairman Iain Ferguson.

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But as of the market close, votes were still being counted. The result will not be known today, the company said. Shares closed 0.2 per cent lower.

Inmarsat shares closed down 5.7 per cent after the company rejected a second bid from EchoStar. But the takeover attempts are not over yet, with EchoStar asking for an extension to the current deadline so it can put forward another offer.

ITV was having fun in the sun today, and not just because the current series of Love Island has drawn the biggest ever audience numbers to secondary channel ITV2.

Shares in the broadcaster led the FTSE 100 risers, closing up 4.2 per cent after Societe Generale upgraded the stock to buy from sell.

Over on the junior market, FairFX's share price jumped, pushing it above a £200m market cap.

But the biggest riser was PipeHawk, which had climbed a whopping 156 per cent by the close after it announced a major contract win.


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