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London’s leading U.K. stock market index rose on Friday, and was set for a weekly gain of nearly 1.4%.
The FTSE 100
UKX,
rose 0.4% to 7220.1, after snapping a four-session winning streak on Thursday. Gains were driven by healthcare and insurers while the oil and gas sectors weighed as energy prices
CL00,
BRN00,
remained under pressure on Friday. Shares of Royal Dutch Shell
RDS.A,
and BP
BP,
BP,
fell 1% and 0.8%, respectively.
Gainers included insurer Prudential
PUK,
PRU,
which climbed 2.4%. Other gainers included aircraft engine maker Rolls-Royce Holdings
RR,
and Melrose Industries
MRO,
up around 1% each.
Other fallers included generics drug company Hikma Pharmaceuticals
HIK,
and real estate website operator Rightmove
RMV,
down just over 1% each.
In the midcap FTSE 250
MCX,
the biggest gainer was Babcock International
BAB,
which climbed 7% after the aerospace, defense and security company announced the disposal of engineering and technology solutions consulting group Frazer-Nash to KBR for a deal valued at £285 million ($395 million).
The largest midcap decliner was Avon Protection
AVON,
which fell 24% after a trading update over COVID-19 related bottlenecks that have hit the timing and deliveries of some orders.
A team of analysts at Peel Hunt, led by Henry Carver, said they would be adjusting down 2021 and 2022 earnings, but maintain a buy rating on the manufacturer and provider of protective equipment, because “we believe the business is in great shape and the medium to long-term prospects remain compelling.”
A simmering battle for Vectura Group
VEC,
may have come to an end, after the U.K. inhaler maker said Thursday that its management intends to unanimously recommend to shareholders Philip Morris International’s
PM,
165 pence ($2.29) a share bid for the company. That offer is a 10 pence premium to the final offer from competing bidder Carlyle Europe Partners V.
The British pound
GBPUSD,
fetched $1.38330 versus the previous close of $1.3807.
