MONDAY MARKET CLOSE: Every little helps as Tesco hires execs

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The London market continued its bounce-back from recent ten-month lows as signs of self-help measures at Tesco emboldened the bargain hunters.

With an easing of tensions in Hong Kong helping the miners and Asia-focused banks, the FTSE 100 added 35.74 points at 6,563.65.

Jasper Lawler, market analyst at CMC Markets, said: “Momentum from Friday’s US jobs report continued to resonate throughout stock markets, helped by diminished international tensions and some positive changes implemented by troubled corporates Tesco and Hewlett Packard.”

Although the US computer giant’s intention to split had no direct effect, Tesco shares were up 4.6p to 176.75p as the embattled retailer appointed two consumer heavyweights to its board.

Meanwhile signs that China was getting back down to business meant Antofagasta and Fresnillo were both more than 3 per cent higher, at 706.5p and 745.5p respectively.

The latest developments also helped shares in HSBC move up 1.8p to 634p while Standard Chartered climbed 15.5p to 1,129p. Barclays was up more than 3 per cent, or 7.7p, to 232.3p.

Easyjet, which led the FTSE 100 risers’ board on Friday following a profits upgrade in which it said it had won passengers following a pilot strike at Air France, made further gains in the latest session. Shares climbed 8p to 1,467p, while IAG was up 6.1p to 371.3p as traders continued to bet that the British Airways and Iberia owner would benefit from the same lift.

On the FTSE 250 Index, enhanced annuity and equity release provider Just Retirement benefited from an upgrade by analysts at Deutsche Bank. Analysts said a fall last week on the back of latest tax proposals was not warranted. Shares rose 5 per cent, or 6p, to 126.3p.