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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more