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article imageLondon shares dip on Babcock on acquisition plan

By AFP     Mar 27, 2014 in Business

London shares ended slightly lower on Thursday with engineering services firm Babcock International's planned acquisition weighing on the FTSE.

The benchmark index closed 16.98 points, or 0.26 percent, down at 6,588.32 points.

Babcock was the day's biggest faller, settling at 1,275 pence after shedding 6.66 percent of value on news that it was tapping investors for 1.1 billion pounds to fund the purchase of Westminster-based helicopters group Avincis.

Mexican mining firm Fresnillo, which ended the day 4.01 percent lower at 837.5 pence, was the day's second biggest decliner.

Aberdeen Asset Management provided some support, its shares climbing 2.48 percent to finish at 396.9 pence as the day's biggest climber, followed by brewer SABMiller at 2,992.5 pence, up 1.86 percent.

Lloyds Banking Group was the day's most traded stock with 247.4 million shares trading hands, followed by Vodafone Group with 90.3 million.

On the currency market sterling firmed against the dollar, trading at $1.6607 at 5.23pm compared to $1.6568 on Wednesday, and also against the euro, with the pound at 1.2082 euros compared to 1.2009 a day earlier.

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