Business

FTSE 100 rises but Next shares hit by profit dip

Traders in London Image copyright AFP

(Close): The London market rebounded and the FTSE 100 index ended the day 57 points higher at 6,730, a rise of nearly 1% on the day.

Informa, the database and exhibitions firm, has bought a US rival, Penton Information Services, for $1.2bn (£909m) .

The deal will create one of the world's largest exhibition and events companies and Informa's shares closed 5% higher.

Shares in Morrisons jumped 7.5% after reporting a rise in sales and profits.

Tesco rose 5%.

Fashion retailer Next dropped nearly 5% after it reported a 1.5% drop in half-year profits to £342.1m and said trading was "challenging and volatile".

Next chief Lord Wolfson said trading was likely to remain dificult "until mid-October at the earliest".

The comments from Next, together with news of falling profits at High Street bellwether John Lewis, sent shares in Marks and Spencer down 2.6%.

On the currency markets, the pound was barely changed against the dollar at $1.321 and against the euro at €1.175.