London stocks climb on financials, retail boost
H.B. Fuller Company FUL | 0.00 |
Updates after markets close
June 25 (Reuters) - London's main FTSE indexes gained on Thursday, with financial and retail companies posting strong business updates, while easyJet attracted investor interest by keeping the door open to a Castlelake buyout.
The blue-chip FTSE 100 index .FTSE closed 0.7% higher, while the midcap FTSE 250 .FTMC climbed 0.3%. Both indexes hit over-one-week highs.
Financials .FTNMX302020 led sectoral gains, up 3.1%, with private equity group 3i Group III.L adding 11.5% after its retail brand Action reported a 3.3% rise in like-for-like sales for the 25 weeks ended June 21.
Greeting card retailer Moonpig MOONM.L rose 2.5% after announcing upbeat annual pre-tax profits, as customers traded up to higher priced gifts.
Bicycle and car parts retailer Halfords HFD.L soared 20.6% after forecasting fiscal year 2027 profit towards the top end of analyst expectations.
British budget carrier easyJet EZJ.L rose 6.4% after rejecting a fourth, sweetened £4.93 billion ($6.50 billion) takeover proposal from U.S.-based investment firm Castlelake, but said it would grant the suitor limited access to commercial information in hopes of drawing a higher bid.
ITV ITV.L jumped 2.4% after a Reuters report that Comcast CMCSA.O-owned Sky had agreed on terms to buy the FTSE midcap's broadcast and streaming unit.
Advanced Medical Solutions Group AMSU.L shot up 16% after the medical supplier received a £715 million buyout offer, including debt, from U.S.-based adhesives maker H.B. Fuller FUL.N.
U.S. inflation increased further in May, keeping an interest rate increase from the Federal Reserve this year on the table.
For the Bank of England, traders anticipate the central bank will hike borrowing costs by 25 basis points by year-end, according to LSEG-compiled data.
In politics, Finance Minister Rachel Reeves announced her support for Andy Burnham, who is widely anticipated to become the UK's seventh prime minister in a decade two weeks from now.
($1 = 0.7582 pounds)
