Gains in heavyweight financial and consumer staples stocks have helps much in the rise in British shares. After rejecting a $1.90 billion buyout proposal, the Sanne Group topped the mid-cap index.
The software company Sage Group added 3%, and this rose the blue-chip index by 0.7%. After reporting a better-than-expected 4.4% rise in first-half organic recurring revenue and forecasting growth for the year to be toward the top end of its 3% to 5% range. The biggest boost to the index is the Banks and large dollar earning consumer staples companies, among other such regards.
HSBC raised its price target on the stock. After this there was a 1.8% rise in the Spirits maker Diageo. In global markets, shares snapped a three-day decline. This is reflection of an overnight revival on Wall Street. As Federal Reserve officials reiterated that price pressures from the reopening of the economy would prove transitory. The domestically focused mid-cap FTSE 250 index advanced 0.8%.
Alternative asset and corporate services firm Sanne Group jumped 27.7%. This is only after it rejected private-equity firm Cinven’s 1.35-billion-pound ($1.90 billion) buyout offer.
