London midday: Sports Direct, Shire lead UK stocks higher

14th Jul 2014 12:08

- Bargain-hunting gives UK stock markets a lift after recent falls- Sports Direct teams up with MySale to launch operations Down Under- Shire will to recommend revised AbbVie proposaltechMARK 2,799.78 +0.63%FTSE 100 6,738.47 +0.72%FTSE 250 15,554.01 +0.66%Sports Direct and Shire were leading UK stocks higher on Monday as markets continued to rebound after a heavy sell-off last week.Equity markets across the globe have slumped in recent sessions after it emerged that the parent company of Portugal's second-largest bank, Banco Espirito Santo, had missed a debt payment, sparking contagion fears across the rest of the Eurozone.Meanwhile, nervousness about high valuations after the recent rally and ongoing geopolitical tensions in the Middle East prompted investors to scale back risk, sending the FTSE 100 to close to a three-month low of 6,672.37 on Thursday.However, with investors looking to snap up bargains after a 2.6% drop last week, the FTSE 100 was trading 0.7% higher at 6,738 by midday today."After a couple of days off, the worries and fears of the previous week appear to have been consigned to history. Traders comforted with a decent correction and the perception of better value start the latest round of 'buy on the dip' investment," said Alastair McCaig, Market Analyst at IG.Sports Direct, Shire provide a liftThe share prices of Sports Direct and MySale gained strongly after it was announced that the sportswear retailer has teamed up with the flash sale fashion retailer to launch in Australia and New Zealand.Pharmaceutical group Shire was also higher after the company said it would be willing to recommend a revised proposal from US rival AbbVie to shareholders, that valued the company at £53.20 a share, or £31bn.Updates from the Farnsborough airshow meant that airlines and aerospace engineering stocks were in focus this morning, 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. IAG fell despite saying it has ordered 20 Airbus 320neo aircraft, which will "provide both cost savings and environmental benefits".easyJet was also lower as it selected CFM International to provide 270 engines to power its 35 ordered Airbus current generation A320 aircraft and 100 Airbus new generation A320neo aircraft.AVEVA, which provides engineering data and design IT systems, was swinging between gains and losses this morning after a first-quarter update. The company reiterated its full-year guidance but said that results would be more weighted towards the second half after its first quarter was affected by negative currency movements and the seasonal timing of contracts.FTSE 100 - RisersSports Direct International (SPD) 725.50p +3.94%Petrofac Ltd. (PFC) 1,204.00p +3.70%SABMiller (SAB) 3,299.50p +2.69%Tesco (TSCO) 284.50p +2.30%Shire Plc (SHP) 4,979.00p +2.24%Johnson Matthey (JMAT) 3,035.00p +2.12%Anglo American (AAL) 1,510.00p +2.10%British American Tobacco (BATS) 3,601.50p +2.08%Bunzl (BNZL) 1,641.00p +2.05%Marks & Spencer Group (MKS) 434.60p +1.85%FTSE 100 - FallersBurberry Group (BRBY) 1,430.00p -1.52%easyJet (EZJ) 1,250.00p -1.26%International Consolidated Airlines Group SA (CDI) (IAG) 325.70p -0.85%Persimmon (PSN) 1,235.00p -0.56%Severn Trent (SVT) 1,910.00p -0.52%Aberdeen Asset Management (ADN) 449.80p -0.51%TUI Travel (TT.) 372.70p -0.48%Barclays (BARC) 206.90p -0.48%SSE (SSE) 1,540.00p -0.45%BG Group (BG.) 1,184.50p -0.21%FTSE 250 - RisersDrax Group (DRX) 727.00p +6.91%JD Sports Fashion (JD.) 402.90p +4.38%Dunelm Group (DNLM) 821.50p +3.99%Xaar (XAR) 541.50p +3.84%Centamin (DI) (CEY) 69.30p +3.43%Direct Line Insurance Group (DLG) 286.30p +3.21%Ocado Group (OCDO) 394.60p +2.84%African Barrick Gold (ABG) 231.40p +2.71%Halfords Group (HFD) 491.20p +2.57%NMC Health (NMC) 468.40p +2.56%FTSE 250 - FallersEnterprise Inns (ETI) 119.40p -2.61%Hochschild Mining (HOC) 164.30p -2.26%Foxtons Group (FOXT) 285.00p -1.83%Vedanta Resources (VED) 1,086.00p -1.54%Paragon Group Of Companies (PAG) 329.40p -1.29%Thomas Cook Group (TCG) 123.10p -1.12%Bwin.party Digital Entertainment (BPTY) 85.95p -0.98%RPS Group (RPS) 276.30p -0.97%Perform Group (PER) 223.00p -0.89%Carillion (CLLN) 323.40p -0.86%FTSE TechMARK - RisersSarossa (SARS) 1.90p +4.11%SDL (SDL) 346.75p +1.39%XP Power Ltd. (DI) (XPP) 1,509.00p +1.28%Ricardo (RCDO) 641.00p +1.26%NCC Group (NCC) 195.00p +1.17%E2V Technologies (E2V) 159.00p +0.47%Anite (AIE) 91.25p +0.27%Skyepharma (SKP) 248.25p +0.20%FTSE TechMARK - FallersKofax Limited (DI) (KFX) 413.25p -2.31%Gresham Computing (GHT) 125.00p -1.96%BATM Advanced Communications Ltd. (BVC) 18.00p -1.37%Vectura Group (VEC) 137.25p -0.90%RM (RM.) 167.25p -0.74%Electronic Data Processing (EDP) 72.50p -0.68%Sepura (SEPU) 146.50p -0.68%Dialight (DIA) 869.50p -0.57%Promethean World (PRW) 31.00p -0.40%Consort Medical (CSRT) 943.50p -0.16%