The FTSE 100 closed 45 points, or 0.77%, lower at 5,764 points today after a slump on Wall street sent stocks careering backwards, having hovered around opening levels for much of the day.
The battle is over for ferries group P&O, sending the shares down 3.86% to 516.75p, after Singapore-based PSA International said it has decided against increasing its offer – leaving DP World the likely new owner. Xstrata was upgraded to “overweight” from “equal-weight” at Morgan Stanley, as the broker also set a price target of 2,000p arguing it remains the cheapest stock in the sector. It lost 1.10% to close at 1,616p. Banking stocks appeared susceptible to takeover fever with Standard Chartered and Barclays both said to benefiting from persistent chatter. Standard Chartered gained 0....
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