29/05/14 Market Movements

Market news

The FTSE 100 closed up  20.07 points at 6,871.29 as investors brushed off weaker than expected data concerning the U.S. economy.

A report from the U.S. Commerce Department showed the world’s biggest economy contracted 1% in the first quarter of 2014, more than the 0.5% many had predicted.

British medical equipment firm Smith & Nephew was the biggest climber of the day, up 3.57% after US medical device maker Stryker confirmed they had been weighing up a bid for its UK rival.

Kingfisher and Aggreko were the biggest fallers of the day, down 4.86% and 4.46% respectively.

Europe’s largest home improvement retailer Kingfisher fell after its retail profits fell 7% short of estimates.

Aggreko fell after it was confirmed that Chris Weston will replace Aggreko’s interim CEO in 2015 after Angus Cockburn decided to not apply for the permanent role.  This news spooked investors who believe that Chris Weston lacks the necessary experience to seamlessly take up the position.