PremierLeague-News.Com FTSE 100 creeps back over 7,000; £1.3 billion takeover rejected Breaking news
PremierLeague-News.Com - The FTSE 100 made a positive start to trading as it crept back above 7,000 after a volatile couple of days, helped by gains in heavyweight financial and consumer staples stocks, while asset management services firm Sanne (SNN) topped the mid-cap index after rejecting a £1.3 billion buyout proposal.
PremierLeague-News.Com - Breaking Sport Transfer News ! The FTSE 100 made a positive start to trading as it crept back above 7,000 after a volatile couple of days, helped by gains in heavyweight financial and consumer staples stocks, while asset management services firm Sanne (SNN) topped the mid-cap index after rejecting a £1.3 billion buyout proposal. On global markets, shares snapped a three-day decline, reflecting an overnight revival on Wall Street, as Federal Reserve officials reiterated that price pressures from the reopening of the economy would prove transitory. The Dow Jones, S&P 500 and tech-heavy Nasdaq Composite all finished higher overnight. This lifted the mood in the UK, helping the benchmark FTSE 100 rally 0.6% in early deals to 7,002.58, while the domestically focused mid-cap FTSE 250 advanced 0.65% to 22,212.47. Still lurking in the background were inflation worries, which were triggered on Wednesday by a shock jump in US consumer prices. Investors remain concerned that a too rapid recovery from the pandemic will force up prices and cause central bankers to row back on the ultra-accomodative monetary policy that has supported equity markets. Lael Brainard, a Federal Reserve governor, said the central bank would be ‘patient’ in its approach as she highlighted the uneven improvement in the jobs market, but the inflation debate looks set to rumble on for the time being. SAGE NUMBERS ADD UP On the market, accounting software firm Sage (SGE) saw interim results give its stock a lift, the share price advancing 3% to 642.
News source = PremierLeague-News.Com
The figures prompted an upgrade from analysts at Morgan Stanley, which also moved became more positive on the prospects of budget hotelier Whitbread (WTB) as lockdown restrictions in the UK continue to ease, pushing its stock 1.4% higher to £31.04.
Miners led the FTSE loser board in early trading as investors took profits after a strong inflation trade run. Rio Tinto (RIO) was the biggest faller, down 2.5% at £61.48, while red hot copper stock Antofagasta (ANTO) followed closely behind, falling 2.4% to £17.75.
The big corporate story of the day came among the mid-caps, where FTSE 250 specialist asset services firm Sanne jumped 27% after rebuffing a £1.3 billion bid approach from private equity firm Cinven.
Investors were betting that Cinven is not done, and that the failed offer could also draw rival buyers into an auction for Sanne.
Source = PremierLeague-News.Com