Market Report: Hammerson flies high as French fancy delights City

Ooh la la. News of a tasty deal across the Channel left Hammerson at the summit of the top-tier index last night. The property developer reached its highest level for more than four months following the decision by Simon Property to fork out a major premium to buy nearly 29 per cent of Hammerson's Paris-based peer Klepierre.

The sale means French banking giant BNP Paribas will receive €1.52bn, or €28-a-share, for the stake – a 20 per cent premium to Kleppiere's share price. The move gave a serious boost to sentiment around the sector, especially with regards to property in Continental Europe. Hammerson – which recently announced it was focusing on its retail sites in France and the UK – shot up 21.3p to 411.3p.

Some in the Square Mile were also claiming the deal highlighted the wide discount between the group's share price and the value of its assets.

Hammerson's blue-chip rival Capital Shopping Centres, meanwhile, advanced 9p to 338.4p. The operator of the Trafford Centre in Manchester last year managed to fend off a takeover approach from Simon Property, which still holds a 4 per cent stake.

Overall, rising optimism ahead of last night's deadline for the Greek bond swap deal meant that by the bell the FTSE 100 had jumped 68.32 points to 5,859.73, almost regaining the level it was before the sell-off on Tuesday that saw it lose over 100 points.

The rally was also fuelled by the return of talk suggesting China could be about to cut its reserve ratio again, which gave the heavyweight diggers a major push as Vedanta Resources shifted up 49p to 1,393p while Antofagasta closed 38p higher at 1,268p.

With such a move likely to boost the country's economy, Burberry rose 71p to 1,508p after the upmarket retailer was helped earlier in the week by reports claiming the Chinese government may slash import duty on luxury goods.

As well as Apple revealing its newest iPad late on Wednesday, Arm Holdings – which pushed up 19.5p to 569p – was also attracting buyers thanks to a positive note from Morgan Stanley. Analysts from the broker raised their rating to "overweight", noting that although historically the chip designer's forecasts have been considered too optimistic, they have actually turned out to be overly pessimistic.

At the same time, fellow Apple supplier Imagination Technologies climbed 50.5p to 652p on the mid-tier index, an all-time high, after announcing that the strong momentum it enjoyed during the first-half had continued.

Back on the Footsie, the bid spotlight returned to Shire as revived takeover speculation saw the drugs maker tick up 30p to 2,205. Pfizer was yet again suggested as a possible bidder following reports that Germany's Bayer may try and buy the US pharma giant's veterinary unit, leading to theories over what it could do with the cash from a disposal.

Bid talk was also returning around Enquest, which spurted up 5p to 125.8p on the FTSE 250 as vague speculation claimed the North Sea explorer could become a takeover target. Shell (29p better off at 2,306.5p) was one of the names put forward as a potential bidder, although the idea was being widely played down.

Elsewhere among the oil groups, Heritage Oil closed 9.2p stronger at 168.8p after the oil group started drilling at its Miran East prospect in the semi-autonomous Iraqi region of Kurdistan.

It may not be everyone's cup of tea, but SuperGroup found itself in vogue yesterday. The fashion retailer powered up 46.5p to 568.5p after Oriel Securities' analysts claimed its share price did "not reflect the potential for the brand to grow rapidly over the next five years".

Takeover hopes around Inmarsat took a knock after the chief financial officer of Eads said it was not interested in an approach. The European aerospace giant has been highlighted recently as a possible suitor for the satellite telecoms firm, which still managed to fly up 28.4p to 489.7p in the wake of a bullish "buy" note from Bank of America Merrill Lynch on Wednesday.

Soft drinks maker Nichols was left rather flat on AIM despite beating analysts' forecasts by posting a full-year pre-tax profit of 18.1m. The group, whose fizzy pop products include Vimto and Sunkist, could only edge up 3.75p to 629.75p even though Shore Capital's Phil Carroll said he did "not discount the possibility of Nichols being an acquisition target in the medium-term".

Bowleven, a favourite of the retail investors, soared up 12p – or 14.12 per cent – to 97p following the return of vague speculation it could in line for an approach. Tullow Oil (15p higher at 1,460p) was once more suggested by some as a possible suitor, although informed City voices were pouring cold water on the idea.

News
scienceExcitement from alien hunters at 'evidence' of extraterrestrial life
Life and Style
Customers can get their caffeine fix on the move
food + drink
Sport
sport
Sport
David Moyes gets soaked
sport Moyes becomes latest manager to take part in the ALS challenge
PROMOTED VIDEO
Life and Style
techCould new invention save millions in healthcare bills?
News
peopleEnglishman managed quintessential Hollywood restaurant Chasen's
Life and Style
food + drinkHarrods launches gourmet food qualification for staff
Voices
Mosul dam was retaken with the help of the US
voicesRobert Fisk: Barack Obama is following the jihadists’ script
Arts and Entertainment
Michael Flatley prepares to bid farewell to the West End stage
danceMichael Flatley hits West End for last time alongside Team GB World champion Alice Upcott
News
Members and supporters of the lesbian, gay, bisexual, transgender (LGBT) community walk with a rainbow flag during a rally in July
i100
News
ebooksAn evocation of the conflict through the eyes of those who lived through it
Life and Style
Black Ivory Coffee is made using beans plucked from elephants' waste after ingested by the animals
food + drinkFirm says it has created the "rarest" coffee in the world
Arts and Entertainment
Loaded weapon: drugs have surprise side effects for Scarlett Johansson in Luc Besson’s ‘Lucy’
filmReview: Lucy, Luc Besson's complex thriller
Arts and Entertainment
Jamie T plays live in 2007 before going on hiatus from 2010
arts + entsSinger-songwriter will perform on the Festival Republic Stage
Life and Style
food + drinkThese simple recipes will have you refreshed within minutes
News
Jermain Defoe got loads of custard
i100
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Data Centre Engineer - Linux, Redhat, Solaris, SAN, Puppet

£55000 per annum: Harrington Starr: A financial software vendor at the forefro...

.NET Developer

£600 per day: Harrington Starr: .NET Developer C#, WPF,BLL, MSMQ, SQL, GIT, SQ...

Data Centre Engineer - Linux / Redhat / Solaris / Puppet / SAN

£65000 per annum: Harrington Starr: A financial software vendor at the forefro...

Business Analyst

£250 - £350 per day: Orgtel: Business Analyst, Bristol, Banking, Business Obje...

Day In a Page

Air strikes? Talk of God? Obama is following the jihadists’ script

Air strikes? Talk of God? Obama is following the jihadists’ script

The President came the nearest he has come yet to rivalling George W Bush’s gormless reaction to 9/11 , says Robert Fisk
Ebola outbreak: Billy Graham’s son declares righteous war on the virus

Billy Graham’s son declares righteous war on Ebola

A Christian charity’s efforts to save missionaries trapped in Africa by the crisis have been justifiably praised. But doubts remain about its evangelical motives
Jeremy Clarkson 'does not see a problem' with his racist language on Top Gear, says BBC

Not even Jeremy Clarkson is bigger than the BBC, says TV boss

Corporation’s head of television confirms ‘Top Gear’ host was warned about racist language
Nick Clegg the movie: Channel 4 to air Coalition drama showing Lib Dem leader's rise

Nick Clegg the movie

Channel 4 to air Coalition drama showing Lib Dem leader's rise
Philip Larkin: Misogynist, racist, miserable? Or caring, playful man who lived for others?

Philip Larkin: What will survive of him?

Larkin's reputation has taken a knocking. But a new book by James Booth argues that the poet was affectionate, witty, entertaining and kind, as hitherto unseen letters, sketches and 'selfies' reveal
Madame Tussauds has shown off its Beyoncé waxwork in Regent's Park - but why is the tourist attraction still pulling in the crowds?

Waxing lyrical

Madame Tussauds has shown off its Beyoncé waxwork in Regent's Park - but why is the tourist attraction still pulling in the crowds?
Texas forensic astronomer finally pinpoints the exact birth of impressionism

Revealed (to the minute)

The precise time when impressionism was born
From slow-roasted to sugar-cured: how to make the most of the British tomato season

Make the most of British tomatoes

The British crop is at its tastiest and most abundant. Sudi Pigott shares her favourite recipes
10 best men's skincare products

Face it: 10 best men's skincare products

Oscar Quine cleanses, tones and moisturises to find skin-savers blokes will be proud to display on the bathroom shelf
Malky Mackay allegations: Malky Mackay, Iain Moody and another grim day for English football

Mackay, Moody and another grim day for English football

The latest shocking claims do nothing to dispel the image that some in the game on these shores exist in a time warp, laments Sam Wallace
La Liga analysis: Will Barcelona's hopes go out of the window?

Will Barcelona's hopes go out of the window?

Pete Jenson starts his preview of the Spanish season, which begins on Saturday, by explaining how Fifa’s transfer ban will affect the Catalans
Middle East crisis: We know all too much about the cruelty of Isis – but all too little about who they are

We know all too much about the cruelty of Isis – but all too little about who they are

Now Obama has seen the next US reporter to be threatened with beheading, will he blink, asks Robert Fisk
Neanderthals lived alongside humans for centuries, latest study shows

Final resting place of our Neanderthal neighbours revealed

Bones dated to 40,000 years ago show species may have died out in Belgium species co-existed
Scottish independence: The new Scots who hold fate of the UK in their hands

The new Scots who hold fate of the UK in their hands

Scotland’s immigrants are as passionate about the future of their adopted nation as anyone else
Britain's ugliest buildings: Which monstrosities should be nominated for the Dead Prize?

Blight club: Britain's ugliest buildings

Following the architect Cameron Sinclair's introduction of the Dead Prize, an award for ugly buildings, John Rentoul reflects on some of the biggest blots on the UK landscape