MARKET REPORT

INVESTORS checked out of Unilever yesterday after the consumer goods giant ended speculation over its legal headquarters by picking Rotterdam over London.

Shares in the Marmite to Pot Noodle maker were 1% lower, down 64.5p to 3,756p, with the group revealing plans to “simplify” from two legal entities into a single one incorporated in the Netherlands.

While Unilever said it would continue to be listed in London, Amsterdam and New York, some analysts believe the group could lose its place on the FTSE.

Elsewhere, the FTSE 100 Index pushed back into positive territory, rebounding from Wednesday’s fall to eke out a 7.07 rise to 7,139.76.

Fiona Cincotta, City Index’s senior market analyst, said: “After a strong start, the FTSE drifted lower for most of the morning, briefly dipping into negative territory before strong gains on Wall Street lifted the UK index back towards earlier highs.”

Across Europe, Germany’s Dax climbed 0.9% and the Cac 40 in France was 0.7% higher.

On the currency markets, the pound was edging closer to the 1.40 mark, but a firming of the US dollar saw sterling slip 0.1% to 1.395.

Against the euro, the pound was up 0.3% to 1.132 euro.

The price of oil was 0.4% ahead at 65.15 a barrel despite traders expressing concern over a hit to Brent crude if US trade tariffs on imported steel and aluminium escalate into a full blown trade war.

In UK stocks, Hammerson was the top-flight’s biggest faller after Credit Suisse slashed the property investor’s rating from outperform to neutral. The move sent shares tumbling 4% lower, or 22.2p to 434.4p.

The biggest risers on the FTSE 100 Index were Standard Life Aberdeen up 6.7p to 372.6p, Tesco up 3.7p to 214p, Smiths Group up 27.5p to 1,597.5p, Hargreaves Lansdown up 29p to 1,729p.

The biggest fallers were Hammerson down 22.2p to 434.4p, Micro Focus International down 52p to 1,921.5p, Randgold Resources down 130p to 5,958p, Fresnillo down 23.5p to 1,192.5p.