FTSE Today: Blue-chip index gains on dovish bank outlook, merger deal lifts Accrol

The FTSE 100 climbed 0.6% to 7,930.92 on Friday, closing at its best level in over a year. For the week, the blue-chip index added 2.6%, as investors cheered interest rate holds from the Bank of England and the US Federal Reserve, interpreting them as dovish signals. The FTSE 250 rose 1.1%, while the AIM All-Share climbed 0.2%.

Phoenix Group surged 8.4% after reporting a 35% jump in total cash generation to £2.02 billion for 2023, exceeding its upgraded £1.8 billion target. The insurer aims to grow operating cash generation by around 25% to £1.4 billion in 2026, supporting a new "progressive" dividend policy.

JD Wetherspoon lost 6.1% as pretax profit halved to £26.1 million in the first half, weighed by property losses. Revenue, however, rose 8.2% to £991.0 million.

Darktrace shares fell 7% as KKR Dark Aggregator sold its 19.4 million shares at 425 pence each, exiting its stake in the cybersecurity firm.

In the AIM market, Accrol surged 13% after agreeing to a £127.5 million takeover offer from Portuguese pulp firm Navigator, which cited Accrol's "compelling" UK market opportunity. Accrol has a £122 million market cap, while Navigator's market value stands at around €2.8 billion.

Daily Risers and Fallers

Daily Recap

• Vodafone, Three UK merger faces extended probe over competition fears
• Gemfields shares tumble as miner slides to annual loss
• Wetherspoon shares fall as profit halves despite sales surge
• Phoenix Group soars with robust financials, sets ambitious growth targets
• UK retail sales steady as clothing boosts non-food stores
• Apple slammed with antitrust lawsuit over 'illegal monopoly'
• Gold slips as resurgent dollar weighs, but Fed rate cut bets underpin
• DXY: Dollar strengthens as SNB surprises with rate cut

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