Shares of Sports Direct were this afternoon's biggest risers after it was announced that the sportswear retailer has teamed up with MySale, the flash sale fashion retailer, to launch in Australia and New Zealand.
Adding to the positive mood, the Sunday Times's Danny Fortson rejected opposition to Mike Ashley's pay plan at Sports Direct and recommended buying the shares.
In his 'Inside the City' column, Fortson said the bonus deal approved by shareholders that was opposed by many depended on Ashley, the company's billionaire founder, doubling earnings by 2019 and exporting his discount model to Europe.
Tesco's share price received a boost after analysts at Cantor Fitzgerald raised their rating on the stock from 'sell' to 'buy', saying that the stock is undervalued compared to others in the supermarket sector. The broker hiked their target for the shares
from 282p to 325p and said that the shares are trading at a 35% discount to those of rivals J Sainsbury and Wm Morrison.
AbbVie has made another offer for drugmaker Shire, prompting the latter into positive territory. The bid proposal, which comprises £24.44 in cash and 0.8960 AbbVie shares per Shire share, followed further recent discussions between the two groups. Based on the July 11th share price, Abbvie's offer has a value of £53.20.
British Land rose on the news it has completed the second letting at its seven-floor office space in Marble Arch House in London's West End.
Meanwhile, updates from the Farnsborough airshow meant that airlines and aerospace engineering stocks are in focus today, including Rolls-Royce, IAG and easyJet.
Rolls-Royce pleased investors with the announcement that Airbus had selected the newly launched Trent 7000 engine as the exclusive engine for the new Airbus A330neo, while IAG fell despite saying it has ordered 20 Airbus 320neo aircraft, which will "provide both cost savings and environmental benefits".
FTSE 100 - Risers
Sports Direct International (SPD) 723.50p +3.65%
Petrofac Ltd. (PFC) 1,200.00p +3.36%
SABMiller (SAB) 3,299.50p +2.69%
Johnson Matthey (JMAT) 3,051.00p +2.66%
Tesco (TSCO) 285.00p +2.48%
Rexam (REX) 535.50p +2.29%
Weir Group (WEIR) 2,695.00p +2.28%
Standard Chartered (STAN) 1,221.00p +2.26%
British American Tobacco (BATS) 3,603.00p +2.13%
Pearson (PSON) 1,109.00p +2.02%
FTSE 100 - Fallers
easyJet (EZJ) 1,248.00p -1.42%
Burberry Group (BRBY) 1,443.00p -0.62%
Severn Trent (SVT) 1,910.00p -0.52%
SSE (SSE) 1,541.00p -0.39%
Randgold Resources Ltd. (RRS) 5,100.00p -0.39%
Fresnillo (FRES) 924.50p -0.38%
United Utilities Group (UU.) 874.00p -0.29%
International Consolidated Airlines Group SA (CDI) (IAG) 327.90p -0.18%
BG Group (BG.) 1,185.50p -0.13%
TUI Travel (TT.) 374.00p -0.13%