FTSE 100 rises while UK Government hopes to win over global investors
The blue-chip index moved 39.01 points higher, or 0.47%, to close at 8,292.66,
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London’s FTSE 100 moved higher on Monday while the Government gathered global investors to step up efforts to win more funding for the UK.
The blue-chip index moved 39.01 points higher, or 0.47%, to close at 8,292.66, with utilities firms among the biggest risers of the day.
Speaking at an international investment summit in London, the Prime Minister and the Chancellor told business leaders of the Government’s plans to grow the economy and encourage more investment into scaling firms.
This included pledges to rip up red tape to get projects off the ground, if it means more funding is put into the UK.
But Chancellor Rachel Reeves also signalled that businesses could face a hike in national insurance ahead of the Budget statement at the end of the month.
Meanwhile, volatility of oil prices continued into the new week with Brent crude oil dropping by more than 2% to about 77 US dollars per barrel, as global investors remain cautious over developments in the conflict in the Middle East.
In Paris, the Cac 40 rose 0.32% and in Frankfurt, the Dax was up by 0.68%.
It was a strong start to trading over in New York, with the S&P 500 up about 0.6% and Dow Jones up 0.3% by the time European markets closed.
The pound was down about 0.1% against the US dollar at 1.3055, and up about 0.1% against the euro at 1.197.
In company news, Mulberry said its largest shareholder had rejected a fresh takeover approach from Mike Ashley’s Frasers Group, after receiving a sweetened £111 million potential offer on Friday.
The handbag brand said it was working with advisers from Houlihan to consider its position.
Frasers already owns a roughly 37% stake in the company, while Challice is the majority shareholder with a roughly 54% stake. Shares in Mulberry jumped 17.8% at close.
Recruitment group PageGroup said its earnings fell in recent months with the jobs market remaining under pressure, reporting a 16.7% decline in gross profits to £201.4 million in the third quarter.
The group said it saw no improvement of market conditions in September, which is typically when activity picks up after a quieter summer period. Its shares were down by 0.8% at close.
The biggest risers on the FTSE 100 were Vistry, up 40.5p to 963.5p, Bunzl, up 84p to 3,550p, SSE, up 44p to 1,874p, BAE Systems, up 29.5p to 1,299.5p, and Severn Trent, up 57p to 2,593p.
The biggest fallers on the FTSE 100 were Entain, down 61.6p to 705.4p, Croda, down 94p to 3,953p, Antofagasta, down 36p to 1,881.5p, Frasers, down 12.5p to 798.5p, and Mondi, down 20.5p to 1,447p.