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FTSE 100 set for best week since April on recovery hopes

Published 05/07/2021, 03:29 PM
Updated 05/07/2021, 03:30 PM
© Reuters.
UK100
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BP
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RDSa
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MRON
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MGGT
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SMPl
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FTMC
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WWD
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FTNMX551020
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* FTSE 100 up 0.3%, FTSE 250 adds 0.4%

May 7 (Reuters) - London's FTSE 100 rose on Friday and was
on track for its best weekly performance in a month, as hopes of
a stronger economic recovery powered energy and industrial
stocks, while Meggitt shares soared on a takeover report.
The bluechip index .FTSE rose 0.3%, with engineer Melrose
Industries MRON.L adding 1.5% after Morgan Stanley raised its
price target on the company's shares.
Oil majors BP BP.L and Royal Dutch Shell RDSa.L gained
0.4% and 1.2%, respectively, tracking higher crude prices. O/R
Miners .FTNMX551020 also jumped after London copper prices
hit an all-time high on expectations of tighter supply and hopes
of higher demand. MET/L
The domestically focused mid-cap FTSE 250 index .FTMC
advanced 0.4%.
St. Modwen Properties SMP.L surged 19.1% after it received
a potential takeover offer from private equity firm Blackstone,
valuing the property developer at around 1.21 billion pounds
($1.68 billion). Meggitt MGGT.L jumped 12.8% on report that Woodward
WWD.O was looking to acquire the UK aero-engineer.


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