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Tesco shares rebound as FTSE rises



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Last Updated at 21 Nov 2017, 16:21 GMT *Chart shows local time FTSE 100 intraday chart
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(Close): Some good news for Tesco at last: the beleaguered supermarket chain was the top riser on the FTSE 100 in London, adding 4.6% to 192.9p.

Britain's biggest food retailer was boosted by an upgrade to outperform from market-perform by broker Bernstein.

Sainsbury's also lost its High Court appeal against Tesco's Price Promise campaign.

However, Tesco shares are still down almost 43% this year.

Sainsbury's shares closed down 2.6% at 254.7p on speculation that it will announce a cut to its dividend on Wednesday.

The FTSE 100 added 44 points to close almost 0.7% higher at 6,611.25.

Mining shares led the market higher earlier on Monday as tepid economic figures from China raised hopes that Beijing may try new stimulus measures.

Chinese inflation remained at 1.6% in October, near a five-year low, while growth in exports and imports slowed.

However, Fresnillo ended the day up just 1p at 735p while Antofagasta held on to gains, closing up 1.7% at 715.5p.

On the FTSE 250, shares in outsourcing group Serco finished down 32.2% at 215p after it announced plans for a rights issue and cut its profit forecasts.

The company also said it expected to write off £1.5bn connected to losses on contracts.

Cairn Energy added 12.1% after the oil explorer announced a second oil discovery off Senegal in West Africa.

On the currency markets, the pound was flat against the dollar at $1.5863 and up 0.14% against the euro to €1.2761.