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Punch Taverns nears high on broker upgrade (Finance, 6 articles) [UPDATE]
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Oil prices retreated this week but the state of the US gasoline market remains a concern to traders at the start of the summer driving season. ICE July Brent rose 58 cents to $68.62 a barrel Friday, down 2.9 per cent this week, while Nymex July West Texas Intermediate gained 80 cents at $64.81 a barrel, 0.6 per cent lower this week. Japanese equities traded higher on Friday, with the Nikkei 225 briefly rising above the 18,000 barrier for the first time in three months. A deluge of data this week left the dollar broadly higher as the likelihood of US interest rate cuts later this year faded. Technology and small capitalised stocks led gains as a series of economic reports this week suggested that the economy could enter summer on an upswing. Although no other approach has been made since Nasdaq offered $3.7bn, or SKr208 a share, last Friday, expectations of a rival bid this week pushed the stock to a 6 per cent premium over the Nasdaq bid. Punch Taverns closed within a whisker of its all-time high as Goldman Sachs added the pub group to its "conviction buy" list.
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blaster@cs.columbia.edu
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