* FTSE 100 edges up 0.1 pct
* Mid-caps, small-caps hit record highs
* BHP gains after hedge fund proposal
* Precious metals miners drop
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the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)
By Kit Rees and Helen Reid
LONDON, April 10 London-listed shares steadied
on Monday with retailers the top gainers, and mid and small-caps
rose to new record highs on strength in commodities.
The blue-chip FTSE 100 index ended the day flat,
mimicking a broadly flat European market.
Higher oil prices pushed up the commodities-heavy small and
mid-cap indexes. The FTSE 250 set a record high at
19,277.99 points, closing 0.2 percent higher at 19,264.60
points. Tullow Oil was the top gainer, up 5.7 percent.
The small caps also climbed to new heights, closing
0.4 percent higher, near its record high of 5,448.60 points.
Retailers ABF, Marks & Spencer, Tesco
and Next all gained. A court approved a deal
between Britain's biggest retailer Tesco and the Serious Fraud
Office to settle an investigation over a 2014 accounting fraud
Shares in BHP Billiton closed a strong session up
2.2 percent, after hedge fund Elliott Advisors sent a letter to
the miner proposing a plan to unlock shareholder value
. The plan involves scrapping BHP's London Stock
Exchange listing, demerging its U.S. oil arm and revising its
capital return policy.
"Being based in Australia, you've got a lot of resources in
the country itself, you've got access to Asia which is a great
consumer of those kinds of resources, but then the capital,
historically, has always come from London - so that's
essentially why you've got two listings," said Ken Odeluga,
market analyst at City Index.
"I don't really see how much value would be unlocked by such
a drastic action so quickly."
Precious metals miners Randgold Resources and
Fresnillo were the biggest fallers, down 2.4 and 2.5
percent respectively as the price of gold inched lower.
Small-cap platinum miner Lonmin dropped 10 percent,
tracking platinum prices lower.
Shares in Barclays reversed earlier losses to trade
0.4 percent higher after the bank said British regulators were
investigating its chief executive, Jes Staley, over the handling
of a whistleblowing incident.
The investigation by the Financial Conduct Authority and the
Prudential Regulation Authority relates to an attempt by Staley
last year to identify the author of a letter by a whistleblower,
the bank said.
"While Mr Staley's reputation has undoubtedly taken a
serious knock, we believe that it remains in the best interests
of shareholders to keep him in the post of CEO and hence we
recommend that they follow the board's direction and vote in
favour of his reappointment at the AGM in May," Gary Greenwood,
an analyst at Shore Capital Markets, said in a note.
Shares in UK Real Estate Investment Trust Shaftesbury
rose 3.3 percent on a media report that a Hong
Kong-based billionaire was considering a bid for the company
(Reporting by Kit Rees, editing by Larry King)