Housebuilders take FTSE 100 higher, buyout offer helps Merlin soar
Reuters
Published Jun 28, 2019 09:36
Updated Jun 28, 2019 14:22
By Shashwat Awasthi
(Reuters) - Housebuilders rose sharply on a report that Prime Minister front-runner Boris Johnson would slash stamp duty and taxes, lifting London's main index on Friday, while Madame Tussauds owner Merlin surged after a buyout offer.
The FTSE 100 (FTSE) rose 0.2%, while the mid-cap FTSE 250 (FTMC) climbed 0.5% by 0737 GMT.
Housebuilders advanced after a media report said Johnson, the leading candidate to become the next Prime Minister, plans to slash stamp duty on house sales as part of an emergency budget for a 'no-deal' Brexit.
Shares of Persimmon (L:PSN), Barratt (L:BDEV), Taylor Wimpey (L:TW) and Berkeley (L:BKGH) jumped 2.2% to 3.3% and were the biggest gainers on the blue-chip index.
Luxury brand Burberry (L:BRBY) also rose 3% on the FTSE 100 after Goldman Sachs raised its rating on the stock.
Legoland operator Merlin Entertainments (L:MERL) moved 14% higher to 450.1 pence on the mid-cap index after agreeing to be acquired by the investment vehicle of Lego's founding family and Blackstone (N:BX) in a 455 pence a share deal.
Trading was generally muted as investors were cautious and waiting for any signs of progress towards a resolution of Washington and Beijing's trade dispute ahead of talks at the G20 summit.
"Expectations are being managed though, so I would think that for Trump and Xi to agree to delay the additional tariffs and for detailed talks to resume would be sufficient to leave investors happy that things are moving," Markets.com analyst Neil Wilson said.
Woodford Patient Capital Trust (L:WPCT), whose stock has been hit recently because of its association with fund manager Neil Woodford, rose 3.5% after it laid out plans to cut debt and refresh its board.
Airtel Africa , a unit of India's Bharti Airtel (NS:BRTI), tanked more than 22% on its first day of trading. Its shares debuted on the London stock market at 77 pence, below the IPO price of 80 pence.
Get The App
Written By: Reuters
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.