FTSE 100 rises after Friday rout, BT group jumps on M&A report – .

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FTSE 100 rises after Friday rout, BT group jumps on M&A report – .


  • Carnival, Wizz Air regains ground
  • Amigo collapses over his capital increase plans
  • FTSE 100 up 0.9%, FTSE 250 up 1.0%

Nov. 29 (Reuters) – London’s FTSE 100 rebounded from its worst session in more than a year to rise on Monday as investors kept a close eye on the newly detected Omicron coronavirus variant and BT Group surged following a report of interest for a takeover.

The FTSE 100 (.FTSE) finished up 1%, after the discovery of the new variant sent the blue chip index down 3.6% on Friday.

With Omicron already as far away as Canada and Australia, a South African doctor who has treated cases said symptoms have so far been mild. Read more

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“Decisive action by governments to try to control the spread of the new Omicron Covid variant has restored some confidence among investors,” said Russ Mold, chief investment officer at AJ Bell.

“Monday’s market movements suggest that people have had time to reflect on the events of the weekend and are calmer in their investment decisions. “

BT Group Plc (BT.L) finished up 6.1%, slashing some of its earnings after India’s Reliance Industries (RELI.NS) denied a media report that it was considering a bid for the British telecommunications group. Read more

The stock gained as much as 9% after The Economic Times said billionaire Mukesh Ambani’s Reliance could make an unsolicited offer to buy into BT or try to get a controlling stake.

Oil majors BP (BP.L) and Royal Dutch Shell (RDSa.L) added more than 2% each as crude prices returned to their lowest level in more than a year, following investors’ looking for bargains and speculation that OPEC + could suspend increased production.

Miners (.FTNMX551020) gained 1.9% as metals prices recouped some of the previous week’s losses.

Shares of HSBC (HSBA.L), Lloyds (LLOY.L) and Barclays (BARC.L) all gained between 0.8% and 1.6%. Read more

The domestically focused mid-cap index (.FTMC) rose 1.0%, also recovering from its worst sell-off since the start of the year, with Wizz Air (WIZZ.L) and Carnival PLC ( CCL.L) among the top performers in travel stocks recovered some of Friday’s losses.

Subprime lender Amigo Holdings Plc (AMGO.L) fell 28.7% after saying it expected legal proceedings over its new bailout to take at least four months. He presented plans for a capital increase to support the business. Read more

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FTSE 100 bounces back from worst session in over a year as commodities rally

Reporting by Bansari Mayur Kamdar and Amal S in Bangalore; Editing by Subhranshu Sahu and Andrew Cawthorne

Our Standards: Thomson Reuters Trust Principles.

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