finance

FTSE 100 sees best week since April on recovery hopes; M&A chatter boosts Meggitt



© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo

(Reuters) – London’s rose on Friday and was on track for its best weekly performance in a month, as hopes of a stronger economic recovery powered energy and industrial stocks, while Meggitt (LON:) shares soared on a takeover report.

The bluechip index rose 0.3%, with engineer Melrose Industries adding 1.5% after Morgan Stanley (NYSE:) raised its price target on the company’s shares.

Oil majors BP (LON:) and Royal Dutch Shell (LON:) gained 0.4% and 1.2%, respectively, tracking higher crude prices. [O/R]

Miners also jumped after London prices hit an all-time high on expectations of tighter supply and hopes of higher demand. [MET/L]

The domestically focused mid-cap advanced 0.4%.

St. Modwen Properties surged 19.1% after it received a potential takeover offer from private equity firm Blackstone (NYSE:), valuing the property developer at around 1.21 billion pounds ($1.68 billion).

Meggitt jumped 12.8% on report that Woodward was looking to acquire the UK aero-engineer.

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