London’s FTSE 100 holds onto gains after record-breaking week
The index moved 7.2 points higher, or 0.09%, to close at 8,147.03, the latest record high closing price.
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Your support makes all the difference.The UK’s top stock market index held onto gains on Monday as London’s market rally continues to push it to new all-time highs.
A stronger session for miners and financial services stocks helped lift the FTSE 100 higher at the start of the week.
It moved 7.2 points higher, or 0.09%, to close at 8,147.03, the latest record high closing price for the index.
It follows a strong week for the FTSE 100 which was buoyed by a raft of strong earnings reports and news of takeover approaches for London-listed stocks.
April has been a record-breaking month for the blue-chip index, with a glass-half full sentiment dominating
Susannah Streeter, head of money and markets for Hargreaves Lansdown, said: “April has been a record-breaking month for the blue-chip index, with a glass-half full sentiment dominating.
“The FTSE has gained more than 11% over the last six months, with super-patient investors finally rewarded by this spurt of growth.
“The weaker pound against the dollar has been a key player in the power surge, with the greenback gaining ground against a basket of currencies on the latest interest rate expectations.”
The FTSE outperformed its European peers on Monday. Germany’s Dax index was down 0.16% and France’s Cac 40 closed 0.29% lower.
Over in the US, top stock markets opened higher as shares in Tesla soared, amid reports its founder Elon Musk met with the Chinese premier in Beijing.
The S&P 500 was up 0.25% and Dow Jones up 0.2% by the time European markets closed.
Meanwhile, it was a strong session for the pound which was up 0.45% to 1.255 US dollars and 0.3% higher at 1.171 euros.
In company news, shares in Hipgnosis Songs Fund edged higher as the bidding battle for the music royalties fund stepped up a gear.
Hipgnosis said it has agreed to a 1.6 billion US dollar takeover by US private equity giant Blackstone, which trumps rival suitor Concord’s £1.2 billion bid that was tabled last week.
Shares in Hipgnosis have soared by 50% since the bidding war kicked off in mid-April. On Monday, its share price closed just 0.4% higher.
Elsewhere, Anglo American was among the biggest risers of the day amid speculation that a potential buyer was weighing up an improved bid for the mining giant.
Anglo American, last week, said it had rejected a takeover proposal by Australian rival BHP, which would have created the world’s largest copper miner.
But reports on Monday suggested that BHP was considering raising its offer, helping lift shares in Anglo American 4% higher on Monday.
The biggest risers on the FTSE 100 were: Entain, up 34p to 818.2p; Anglo American, up 107p to 2,750p; DS Smith, up 11.6p to 351.6p; Frasers, up 24.5p to 820.5p; and Beazley, up 19.5p to 657.5p.
The biggest fallers on the FTSE 100 were: JD Sports, down 3.55p to 116.6p; Ashtead, down 130p to 5,974p; B&M European, down 10.8p to 517p; Centrica, down 2.65p to 131.05p; and ConvaTec, down 4.6p to 253.2p.