Business

FTSE shakes off last week's wobbles



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(Close): Supermarkets helped London's main index return to positive territory after last week's heavy falls.

The FTSE 100 closed up 63.5 points to 6,804.1, led higher by Sainsbury's, up 3.67%, and Tesco, 3.65% better.

Over the weekend Bloomberg reported that advertising giant WPP had made a bid for a majority stake in Tesco's data unit, Dunnhumby - a business thought to be worth £2bn.

Tullow Oil was again hit by the falling price of crude, ending 5.7% off.

Elsewhere, Ireland-based building materials company CRH fell 4.4% on news that the cement mega-merger between Lafarge and Holcim may be put on ice.

CRH had agreed to buy Lafarge Tarmac, but this deal may now be jeopardised if the merger doesn't materialise.

Insurers edged higher after Chancellor George Osborne announced plans to give five million pensioners with existing annuities the right to cash them in from April next year. rose 1.89%.

The currency markets saw traders take profits following recent trends as the pound - which has soared to new highs against the euro in recent days - slipped a cent to finish the session just below 1.40.

Meanwhile, sterling was a cent up against the US dollar to over 1.48 after tumbling to a near five-year low last Friday.