Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

FTSE 100 rebounds on China optimism; THG surges after rejecting buyout bid

FTSE 100 rebounds on China optimism; THG surges after rejecting buyout bid 41

(Reuters) – UK’s FTSE 100 rebounded on Friday as a move by China to support its economy lifted sentiment at the end of a rocky week for markets, while e-commerce firm THG soared after rejecting a takeover proposal.

The blue-chip FTSE 100 index and the domestically focussed FTSE 250 index both added 1.4%, erasing nearly all of their weekly declines.

Oil and gas and banking stocks were the top boosts to the FTSE 100 after China cut a key lending benchmark by a sharper-than-expected 15 basis points to aid a slowing economy.

THG surged 25.6% as it rejected a takeover proposal from two investment groups and saw buyout interest from property tycoon Nick Candy.

Data earlier in the day showed British retail sales jumped unexpectedly in April, but the outlook for consumer spending remained resolutely downbeat as the cost-of-living crunch intensifies.

“The unexpected upturn in retail sales could be viewed as a positive sign that the consumer isn’t as bruised as other data suggests,” AJ Bell financial analyst Danni Hewson said in a note.

“But digging into April’s figures, the big uptick in food and drink spend in supermarkets might indicate that people are choosing their kitchen tables over pubs and restaurants as they look to save money.”

The domestically focussed midcap index has declined nearly 15% this year on fears that surging inflation could tip the economy into recession. The commodity-heavy FTSE 100 has fared better with a small rise so far in 2022, thanks to surging oil and metal prices.

The Bank of England will need to raise interest rates further to combat the risk of self-perpetuating price rises, its chief economist said in a speech.

Among other stocks, M&C Saatchi jumped 34.5% after its independent directors agreed a deal to sell the advertising company to consultancy Next Fifteen Communications, saying it offered a superior outcome to a bid from its biggest shareholder.

 

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips and Aditya Soni)

Continue Reading