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Movers & Shakers - 24 May 2017

The below stocks have been identified as having potential to register bigger than normal share price moves (up or down) today based on the news cited

Dixons Carphone (DC.L) – Beat Q4 trading forecasts for the year ending in April by 2%, but narrowed its full-year headline pretax profit guidance by 2% to £485-£490m from £475-£495m. Analysts were forecasting a pretax profit of £490m for 2016-17, up from £447m in 2015-16. Closing price 326.60p (Reuters)

Glencore PLC (GLEN.L), Bunge Ltd (BG) – Approached the US grain producer Bunge about a potential “consensual business combination”. There’s no certainty any deal will happen, however, if the deal materialized it would create one of the world’s largest agricultural traders. Bunge shares surged, giving it a market value of $11.5bn, although denied discussion with Glencore or the company’s agriculture unit. Closing prices 291.95p, $81.70c (Bloomberg)

Marks & Spencer Group PLC (MKS.L) – Reported a 72% fall in full-year net profit amid weak clothing and other non-food sales, announcing plans to reduce space devoting to clothing and home products and grow food space by around 7%. The company posted net profit £117.1m for the year ended April 1, down from £406.9m y-o-y. The full year dividend is maintained at 18.7pp share. Closing price 387.70p (Dow Jones Newswires)

Vedanta Resources (VED.L) – Said its earnings and core profit surged 36.6% to $3.19bn for the year ended March 31 from $2.34bn last year, driven by firmer commodity prices. Revenue also rose 7.3% to $11.52bn, beating analysts’ average estimate of $11.45bn. Closing price 635.50p (Reuters)

For more information on any of these individual news items, call into the trading floor

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

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