RAMSEY CROOKALL

7th July     Evening Report

The FTSE 100 closed 0.9% higher spurred by upbeat data. Strong U.K. manufacturing numbers help lift the tone, then a better-than-expected ADP employment report and positive news on weekly jobless claims from the U.S. painted a brighter picture of the labor market ahead of Friday's nonfarm payrolls..

In corporate news, Man Group closed up 3.5% as investors welcome its trading update. Funds under management (FUM) at the hedge fund manager rose to $71bn at the end of June from $69.1bn at the end of March as the group racked up record sales in the quarter of $9.0bn, to post a net inflow of $3.7bn after redemptions of $5.3bn.

Meanwhile, the miners  also made decent gains, as copper and silver futures headed higher. Kazakhmys, Fresnillo and ENRC were notable risers. Sector peer BHP Billiton was also in demand despite suspending its port and rail operating in Western Australia following a fatality at its Port Hedland iron ore terminal.

Shares in artificial joint specialist Smith & Nephew edged a shade higher after rumours of a takeover teased the market yesterday. Any further details of the alleged cash offer were not forthcoming and the stock drifted from early intraday highs to close just 0.18% higher.

Leading the fallers was UK real estate investment trust Hammerson after its largest shareholder, a unit of the Ontario Teachers’ Pension Plan, sold its entire 12% stake in the company at 463 pence a share.

British Sky Broadcasting Group also closed lower as fears grow that politicians,  who are appalled by allegations of phone hacking by a News Corporation newspaper, could derail the mooted News Corp bid for the pay-TV broadcaster.   THE FTSE 100  closed                             Up            55         @     6058

THE DOW JONES at 4:45                            Up            77         @     12704                                 NASDAQ COMP at 4:45                              Up            32         @     2866                                                        Exchange Rates GBP – USD           1.5966 GBP - EURO          1.1128