👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

UPDATE 2-Consumer stocks help UK shares end harsh week higher

Published 09/25/2020, 04:52 PM
Updated 09/26/2020, 12:10 AM
UK100
-
VOD
-
AZN
-
FTMC
-
FTNMX301010
-
FTNMX405010
-
FTNMX404010
-
FTNMX401010
-
FTNMX201020
-
MASM
-

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* William Hill jumps 43.5%; Apollo, Caesars Ent make offer s
* UK's COVID-19 cases see highest single-day jump
* Miners, banks, oil stocks decline
* FTSE 100 slips 0.3%; FTSE 250 rises 1.4%
* FTSE 100 falls for second consecutive week, worst in eight

(Updates to close)
By Susan Mathew and Shashank Nayar
Sept 25 (Reuters) - A near 44% surge in bookmaker William
Hill on takeover offers lifted consumer stocks on Friday,
helping UK shares outperform European peers and end a tumultuous
week on a high note.
Without disclosing the value, buyout firm Apollo APO.N and
U.S. casino operator Caesars Entertainment CZR.O made offers
for the British betting firm, which had a market value of 2.28
billion pounds ($2.90 billion) at Thursday's close. Hill had been one of the big gainers since March
among UK equities... The news of course has done what bid
approaches always do, namely lift the rest of the sector as
well," said Chris Beauchamp, chief market analyst at IG.
William Hill's peers GVC GVC.L , Flutter Entertainment
FLTRF.L and 888 Holdings 888.L rose between 6.8% and 16.7%.
The moves helped London's mid-caps index .FTMC end up 1.4%
in its best day in three weeks.
The blue-chips FTSE 100 index .FTSE rose 0.3% but losses
for miners .FTNMX1770 and oil stocks .FTNMX0530 , which
tracked commodity prices lower, and banks .FTNMX8350 , which
extended losses to a fourth straight session, kept gains in
check. MET/L IRONORE/ O/R
But the moves stood out as Europe declined with the
pan-European STOXX 600 index .STOXX closing down 0.1%, while
German shares .GDAXI lost 1%. .EU
Fading hopes of an economic recovery, anticipation of severe
restrictions in the UK to curb a resurgence in COVID-19 cases
and the scaling back of government job support hit sentiment
this week. Both UK indexes lost nearly 3% - the worst week in
eight for the FTSE 100.
The prospect of Brexit without a trade deal with the
European Union also adds to the uncertainty, overshadowing
support from past stimulus measures.
Auto makers .FTNMX3350 , miners .FTNMX1770 and insurers
.FTNMX8350 were among the biggest laggards. The general
retailers index .FTNMX5370 posted weekly gains as retail sales
picked up, while a survey on Friday showed consumer confidence
in September rose to its highest level since March.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.