FTSE 100 dips while mergers and acquisitions take centre stage
FTSE 100 falls, but M&A deals lift other indices and individual stocks.
London markets saw a mixed day on Friday. The blue-chip FTSE 100 closed down slightly, while other indices and individual stocks rose on takeover news.
The FTSE 100 fell 0.4%, but the FTSE 250 edged up 0.1% and the AIM All-Share added 0.4%. Packaging giants Mondi and DS Smith dominated headlines after agreeing on a potential £10 billion merger.
Mattioli Woods soared 32% after accepting a £432 million takeover offer from Pollen Street Capital. The wealth manager’s shareholders will receive a premium of 34% compared to the previous closing price.
Daily Recap
- US jobs data propels gold to record highs, rate cut bets climb
- Bitcoin briefly kisses $70,000 in volatile trading
- Just Group doubles profit growth target after record year
- Informa doubles profit, hikes dividend and guidance
Elsewhere on AIM, MC Mining jumped 10% on a more favourable takeover proposal from Vulcan Resources. The new offer values the company between £35.9 million and £42.2 million, exceeding a previous bid.
Just Group rocketed 14% after reporting strong 2023 results and hinting at potential acquisition interest, mirroring the recent failed attempt by Ageas to buy Direct Line Insurance Group.
Daily Risers and Fallers
FTSE All-Share risers: Just Group 13.68%, Petra Diamonds 9.49%, Petrofac 6.45%, Regional Reit 5.56%, Smith (DS) 5.17%, Triple Point Social Housing 4.63%, Oxford Biomedica 4.37%, ConvaTec 3.77%, TT Electronics 3.76%, Xaar 3.74%.
FTSE All-Share fallers: Entain 5.44%, Molten Ventures 5.23%, Nb Global 4.03%, Galliford Try 3.88%, Lsl Property 3.88%, Zotefoams 3.85%, Tullow Oil 3.81%, CQS Natural Resources 3.68%, Harbour Energy 3.67%, Digital 9 3.52%.
