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FTSE ends higher after LSE takeover bid

Wed, 11th Sep 2019

UK stocks closed higher on Wednesday, buoyed by a possible takeover bid for the London Stock Exchange Group. Momentum was gained across global markets, as Eurozone indices and Asian markets all closed higher, while US markets also opened higher. It came after China said it planned to exempt 16 types of US products from tariffs, while in Europe traders were also hopeful of an interest rate cut and a stimulus package from the European Central Bank. The benchmark FTSE 100 index closed 0.96%, or 70.08 points, higher at 7,338.03. LARGE AND MID CAP RISERS AND FALLERS London Stock Exchange Group soared 6.3% to £72.32 after the Hong Kong stock exchange proposed a shock £31.6bn merger, implying a value for each LSE share of £83.61. But the offer is contingent on LSE dropping the £22bn deal it agreed to buy data giant Refinitiv by the end of the year. Home builder Galliford Try gained 2.4% to 680p, even as it booked a fall in first-half profit, which came as little surprise to the market amid a slump in construction activity. Security services provider Serco closed broadly flat on 149p despite securing a two-year contract extension from the Australian government to provide onshore immigration detention facilities and detainee services. Advertising company S4 Capital gained 0.6% to 138.8p, despite booking a first-half loss owing to acquisition and hiring costs. The young company, founded by former WPP chief executive Martin Sorrel, also reported a 42% rise in revenue and said it expected 'stronger second-half momentum'. Wealth manager Man Group added 0.9% to 170p, even as it announced that Jonathan Sorrell would stand down as president and executive director to take on a new role elsewhere. Wound-care dressing supplier Advanced Medical Solutions slumped 18.2% to 230p after its profit was dented by falling US revenue blamed on competition and delayed product launches. Facilities management company Mitie increased 2.3% to 153.5p as it announced that chief financial officer Paul Woolf was leaving to take up the same role at intellectual property management company CPA Global. SMALL CAP RISERS AND FALLERS Property portal OnTheMarket firmed 5.1% to 97p after it inked a listing and advertising agreement with housebuilder Barratt Developments. Performance nutrition company Science in Sport gained 3.9% to 54.5p, on announcing that it had appointed former Asos operational finance director James Simpson as its new chief financial officer. Story provided by

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