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FTSE 100 Trades In Narrow Range

U.K. shares were moving in a narrow range on Friday as oil prices dipped and GKN said it had rejected a takeover bid from Melrose Industries.

Energy and mining stocks were on the back foot after official data showed that China's exports and imports growth slowed in December in a sign of weaker global and domestic demand.

The benchmark FTSE 100 was up 0.1 percent at 7,769 in late opening deals after rising 0.2 percent in the previous session.

Miners Anglo American and Rio Tinto were down about 0.7 percent each, while oil major Tullow Oil lost nearly 1 percent.

Technology company Smiths Group rallied 3.4 percent. The company noted that the net impact of the new U.S. tax legislation with the Tax Cuts and Jobs Act will be favorable for the company over the medium term.

GKN soared more than 24 percent after the engineering and aerospace group rejected a £7bn takeover bid from Melrose.

Bovis Homes Group jumped 2.8 percent. The housebuilder said it expects to deliver a significant improvement in profitability in 2018.

by RTT Staff Writer

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