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FTSE rebounds ahead of Powell speech; Entertainment One soars

Published 08/23/2019, 03:35 PM
Updated 08/23/2019, 03:40 PM
FTSE rebounds ahead of Powell speech; Entertainment One soars
UK100
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ITV
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HAS
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FTMC
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ETO
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INOV
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 up 0.6%, FTSE 250 up 0.7%
* Banks, miners top boosts, all eyes on Powell
* Entertainment One jumps on $4 bln Hasbro bid
* London markets will be shut on Aug. 26

Aug 23 (Reuters) - London's FTSE 100 bounced back on Friday
ahead of U.S. Federal Reserve Chairman Jerome Powell's
much-anticipated speech, while Peppa Pig owner Entertainment One
rose to a life high after agreeing to be bought by U.S. toy
maker Hasbro.
The FTSE 100 .FTSE rose 0.6% by 0714 GMT, but was still on
track for its worst month in four years, while the mid-caps
.FTMC , which had benefited from the recent strength in pound,
were up 0.7%.
Markets are expecting a clearer picture from Powell's speech
at 1400 GMT on future rate cuts, especially after shares fell in
the previous session as the Fed's latest minutes showed a deeply
divided view on future monetary policy and a rally in the pound
hit exporter stocks.
Entertainment One ETO.L surged 29.1% to 569 pence after a
deal with Hasbro HAS.O for about $4 billion in cash, or 560
pence a share. News of the deal lifted shares in
broadcaster ITV ITV.L by 2.4% to the top of the FTSE 100.
Woodford Patient Capital Trust WPCT.L , however, sank 9% to
an all-time low after Link Fund, responsible for valuing the
company's portfolio, said it would lower the value of Woodford's
stake in IH Holdings, which would hit its total net asset value.

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