London midday: High Court blocks Lloyds attempt to redeem hybrid debt

3rd Jun 2015 12:34

Stocks drifted higher as investors waited for the release of a host of economic data, while Greece and its creditors staked out their respective positions ahead of a meeting between both sides.As of 12:16 the Footsie was higher by 15.83 points to reach 6,944.05.Greece's prime minister Alexis Tsipras and the head of the European Commission, Jean Claude Juncker, were set to meet later in the evening."Our view is therefore that a finalised draft agreement is increasing the chances of a deal [...] the government's downside is much bigger if no agreement is reached, than with a compromise that can be made to look reasonable."The European Central Bank's governing council was due to meet midday Wednesday. Shortly after the policy announcement, Draghi's press conference would be closely followed for word on how the quantitative easing (QE) programme has been progressing.The ECB president was expected to reiterate his commitment to seeing the central bank's bond purchase programme out in full.Lloyds, Dixons, Royal Mail, InterserveLloyds Banking Group said it was "disappointed" with a High Court ruling blocking its attempt to buy back its high-interest enhanced capital notes (ECNs). The judge ruled that the bank was not entitled to redeem the bonds, which are are held by 123,000 investors, early at face value.After a strong fourth quarter Dixons Carphone said its full-year profits are likely to reach the top end of market forecasts. Group like-for-like revenue in the last 17 weeks of the year to 2 May rose 9%, with further market share gains made across electricals and mobile in the UK & Ireland, the Nordics and Greece.Royal Mail announced that it has appointed Peter Long as non-executive director and chairman designate. Long, who is currently joint chief executive of TUI AG, will replace Donald Brydon, who announced in January that he would step down this year.Interserve's joint venture with China State Construction Engineering Corporation (CSCEC) has been selected as the preferred bidder to build the £550m One Nine Elms scheme in Battersea. The scheme, which is part of a wider development, includes the construction of two towers of 57 and 42 storeys and a 187-room five-star hotel.Broker JP Morgan Cazenove has lowered its estimates and price target on grocery giant Tesco following the latest grocery market share figures from Kantar Worldpanel. Analyst Borja Olcese lowered his target price on the firm's shares to 175p from 185p previously, while reiterating his recommendation to 'underweight'.Market MoverstechMARK 3,305.18 +0.15%FTSE 100 6,945.01 +0.24%FTSE 250 18,325.15 +0.58%FTSE 100 - RisersCRH (CRH) 1,846.00p +3.01%Morrison (Wm) Supermarkets (MRW) 176.90p +2.55%Unilever (ULVR) 2,903.00p +2.47%Sainsbury (J) (SBRY) 250.10p +2.04%easyJet (EZJ) 1,612.00p +1.83%Imperial Tobacco Group (IMT) 3,268.00p +1.81%Tesco (TSCO) 210.55p +1.49%Direct Line Insurance Group (DLG) 344.00p +1.47%British American Tobacco (BATS) 3,551.00p +1.28%Sports Direct International (SPD) 680.00p +1.27%FTSE 100 - FallersDixons Carphone (DC.) 469.90p -1.96%Fresnillo (FRES) 742.50p -1.92%Anglo American (AAL) 1,033.50p -1.43%BHP Billiton (BLT) 1,365.00p -1.34%Antofagasta (ANTO) 757.50p -1.17%Mondi (MNDI) 1,421.00p -1.11%Vodafone Group (VOD) 251.80p -1.10%British Land Company (BLND) 843.00p -1.06%Old Mutual (OML) 214.00p -0.88%Rio Tinto (RIO) 2,879.00p -0.79%FTSE 250 - RisersWorkspace Group (WKP) 969.00p +5.33%WH Smith (SMWH) 1,610.00p +4.68%Imagination Technologies Group (IMG) 241.80p +4.22%Ocado Group (OCDO) 369.90p +4.20%Domino's Pizza Group (DOM) 844.50p +3.43%Melrose Industries (MRO) 276.70p +3.32%Booker Group (BOK) 181.70p +3.00%Diploma (DPLM) 830.00p +2.72%Renishaw (RSW) 2,539.00p +2.59%National Express Group (NEX) 323.20p +2.41%FTSE 250 - FallersMorgan Advanced Materials (MGAM) 344.50p -2.68%Spectris (SXS) 2,275.00p -2.02%Home Retail Group (HOME) 157.10p -1.87%Soco International (SIA) 185.10p -1.70%Allied Minds (ALM) 605.50p -1.62%Virgin Money Holdings (UK) (VM.) 435.10p -1.56%Brown (N.) Group (BWNG) 337.80p -1.49%Nostrum Oil & Gas (NOG) 536.00p -1.29%Vedanta Resources (VED) 585.50p -1.18%Tullow Oil (TLW) 393.90p -0.96%