European Stock Markets
The FTSE 100 held onto record high levels on Friday, supported by a
sharp rise in British engineering group GKN which said it had rejected
an unsolicited offer from rival Melrose.
The FTSE 100 benchmark was up 0.1 percent at 7,767 points by 0907 GMT, with GKN up by 24 percent to 416 pence as it said no to Melrose’s 405 pence per share offer and set out plans to split its business in half.
Shares in Melrose were up by about 10 percent on the news.
Among other shares to rise on Friday, packaging and paper company Mondi was up 1.6 percent rise after a rating upgrade from Investec.
Meanwhile shares in housebuilder Bovis, which is undergoing a turnaround after seeing off two failed takeover bids last year, rose by 3.9 percent after saying it was on track to deliver a significant increase in profit in 2018.
Troubled building and services group Carillion lost about 1 percent after asking creditors to consider a debt extension or roll-over in financing talks.
While Christmas updates weighed on Tesco and Marks and Spencer during the previous session, the latter recovered slightly, up 1.5 percent.
Oil prices, which slipped from 2014 highs, weighed on BP and Royal Dutch Shell which retreated 0.5 percent and 0.6 percent.
The FTSE 100 benchmark was up 0.1 percent at 7,767 points by 0907 GMT, with GKN up by 24 percent to 416 pence as it said no to Melrose’s 405 pence per share offer and set out plans to split its business in half.
Shares in Melrose were up by about 10 percent on the news.
Among other shares to rise on Friday, packaging and paper company Mondi was up 1.6 percent rise after a rating upgrade from Investec.
Meanwhile shares in housebuilder Bovis, which is undergoing a turnaround after seeing off two failed takeover bids last year, rose by 3.9 percent after saying it was on track to deliver a significant increase in profit in 2018.
Troubled building and services group Carillion lost about 1 percent after asking creditors to consider a debt extension or roll-over in financing talks.
While Christmas updates weighed on Tesco and Marks and Spencer during the previous session, the latter recovered slightly, up 1.5 percent.
Oil prices, which slipped from 2014 highs, weighed on BP and Royal Dutch Shell which retreated 0.5 percent and 0.6 percent.
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