- The campaign tops the mid-cap index
- FTSE 100 at highest since April 22
- Ted Baker climbs on buyout report
- FTSE 100 up 0.2%, FTSE 250 up 0.8%
May 30 (Reuters) – Britain’s FTSE 100 edged higher on Monday as an easing of COVID-19 restrictions in China lifted sentiment in global markets, while Countryside soared after its shareholder made a second approach to buying the home builder.
After hitting its highest level since April 22, the blue-chip FTSE 100 (.FTSE) gave up some gains to end up 0.2%, while the domestically focused FTSE 250 (.FTMC) increased by 0.8%.
Asian and European stocks gained on news that authorities in Shanghai will waive many conditions for companies to return to work from Wednesday, easing a citywide lockdown that began two months ago. Read more
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“It was a rather subdued day of trading for UK markets; although the start was good, the benchmark failed to maintain momentum,” said Kunal Sawhney, managing director of the firm. of Kalkine research.
“There has been concern in global markets about economic growth which is weighing on investor sentiment.”
Wall Street closed sharply higher on Friday ahead of Monday’s Memorial Day holiday, as signs of a spike in inflation and consumer resilience led to optimism that the Fed will be able to tighten its grip. monetary policy without tipping the economy into recession.
Gains were broad-based in UK stocks, with spirits maker Diageo (DGE.L), consumer giant Unilever (ULVR.L) and miner Anglo American (AAL.L) providing the biggest boost to the FTSE 100.
Countryside Partnerships (CSPC.L) jumped 18.6% after Inclusive Capital, which owns around 9.2% of Countryside, said it was looking to engage with the homebuilder for a potential bid for takeover valuing it at around 1.47 billion pounds ($1.86 billion). Read more
The broad housing index (.FTNMX402020) climbed 2.1%.
“The supply demonstrates the attractiveness of the UK housing construction sector which, whatever the economic backdrop, should benefit over the long term from favorable supply and demand dynamics,” added Russ Mould. , Chief Investment Officer at AJ Bell.
Ted Baker (TED.L) rose 4.6% after a report said Juicy Couture owner Authentic Brands (AUTH.N) was the British fashion chain’s preferred bidder and the two companies could agree on a 300 million pound ($379.35 million) deal. Read more
Martin Sorrell’s digital advertising group S4 Capital (SFOR.L) gained 4.3% as it reiterated its full-year outlook, saying it expected robust demand despite forecasts of a slowdown in global economic growth. Read more
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Reporting by Sruthi Shankar and Amal S in Bengaluru; edited by Uttaresh.V and Tomasz Janowski
Our standards: The Thomson Reuters Trust Principles.
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