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FTSE higher as DIY retailers rule the day

Reaction to yesterday's Budget and reports that Portugal is nudging closer to a bail-out dominated early proceedings in London today. However, a string of upbeat earnings from retailers kept sentiment positive and offset ONS data showing retail sales missed forecasts in February.

DIY retailer Kingfisher was the leading light, jumping 21p at 264.8p after reporting full year adjusted pre-tax profits up 23% to £670m and dividends up 29%. The B&Q owner said it saw strong growth across all main divisions. Homebase operator Home Retail Group rose 4.75p at 196.85p and Wickes owner, midcap Travis Perkins, gained 20.75p at 999.25p on the read across.

Source : Stockmarket

24 March 2011
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Thank you for the excellent presentation that you gave at Woodbury Park on Thursday morning. It was very interesting and thought-provoking for our Retail members. The feedback has been excellent.

Martin Elliott. Chief Executive - Home Hardware.

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