By Sara Sjolin and Victor Reklaitis, MarketWatch
Diageo rises after buying into African beer business
LONDON (MarketWatch) -- The U.K.'s benchmark stock index headed
into the Easter holiday on an upbeat note Thursday, with shares of
Marks & Spencer helping to lead the charge north after a
well-received earnings report.
The FTSE 100 index gained nearly 0.4% to close at 6,833.46,
trimming its weekly loss to 0.3%. U.K. markets will be closed on
Friday and Monday for Good Friday and Easter.
Movers: Marks & Spencer Group PLC (MAKSY) climbed 4.4% after
the retailer reported a rise in fourth-quarter sales
(http://www.marketwatch.com/story/marks-spencer-rallies-6-after-upbeat-sales-report-2015-04-02)
and said its food business outperformed the market.
Diageo PLC (DEO) closed 1.2% higher after the spirits maker said
it would acquire full control of a traditional sorghum-beer
business in South Africa.
On a more downbeat note, mining firms fell, pressured by a
selloff in metals prices. Shares of BHP Billiton PLC (BHP) lost
2.6%, Antofagasta PLC fell 2.1%, Anglo American PLC gave up 1.9%
and Glencore PLC shaved off 1.2%.
Construction PMI: The broader market largely ignored data that
showed growth in the U.K.'s construction sector slowed in March on
concerns over the outcome of May's general election. The
Markit/CIPS construction purchasing managers index slid to 57.8 in
March from 60.1 in February, but stayed well above the 50-mark that
separates expansion from contraction.
"All three main categories of construction activity saw a growth
slowdown in March, in part reflecting softer new business gains as
some clients delayed spending decisions ahead of the general
election," said Tim Moore, senior economist at Markit in the
release.
The data set also showed business confidence within the
construction sector rose to the highest level in just over nine
years, based on improving order books.
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