London stocks opened higher on Friday, with the FTSE 100 flirting with record territory amid a flurry of corporate dealmaking. The blue-chip index traded up 0.3% at 8,994.79, having briefly touched 9,016.36, just shy of its all-time high of 9,016.98.
The FTSE 250 gained 0.3% to 21,828.28 and the AIM All-Share rose 0.4% to 771.70.
GSK was the standout laggard on the FTSE 100, sinking 6.2% after a US Food & Drug Administration advisory panel voted against approving its cancer drug Blenrep at the proposed dosage. Although the FDA is not bound by the vote, analysts warned approval odds had sharply diminished.
Deal announcements lifted Reckitt Benckiser and BP. Reckitt climbed 2.1% after agreeing to sell most of its Essential Home division, home to brands like Cillit Bang and Air Wick, to Advent International for $4.8 billion, retaining a 30% stake. BP rose 1.8% after offloading its US onshore wind energy business to LS Power, though terms were undisclosed.
Senior surged 11% atop the FTSE 250 after selling its Aerostructures division to Sullivan Street Partners for up to £200 million, freeing up cash for debt reduction and a £40 million share buyback.
On AIM, Hamak Gold soared 47% after naming US economist Arthur Laffer, famous for the ‘Laffer Curve’, as founding member of its new advisory board.