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Thursday 18th of June 2009
November 7, 2006

FTSE 250 hits new closing high


by Elaine Frei

FTSE 250 hits new closing high

In London on Tuesday, the FTSE 100 closed 0.3 percent higher to 6,244.0, its highest ending level in five years. Meanwhile, the FTSE 250 set a record high closing level of 10,559.9, a gain of 0.6 percent on the session.

Software maker Misys also had a record high close, adding 3.3 percent to 215¼p on the news that US medical software company Per-Se Technology had recommended a cash bid of $1.2 billion (£630 million) from McKesson Corporation. This had implications for Misys in that Per-Se’s largest shareholder is ValueAct Capital; Misys new chief executive, Mike Lawrie, previously worked for ValueAct, which has been building its holdings in Misys since Lawrie’s appointment was announced in mid-October. ValueAct now holds 5.1 percent of Misys.

In the retail sector, Marks & Spencer was 6.3 percent higher to 696p, also a new record, on higher profits forecasts based on its better than expected interim report.

Metal-related sectors saw advances on the session. With zinc prices at a record high level, Xstrata added 1.3 percent to £24.20. Meanwhile, rumors of bids competition sent steel maker Corus 0.1 percent higher to 465¾p, as speculation ran that Novolipetsk might beat Tata Steel’s 455p per share offer.

Banks were lower, with HBOS down 0.4 percent to £10.90 on a downgrade from “outperform” to “in line” from Cazenove. Standard Chartered dropped 0.5 percent to £14.87 on talk that it could be preparing to purchase ABN Amro’s 40 percent share in Saudi Hollandi Bank.

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