FTSE 100 in strong start to the week


Traders in LondonImage copyright
AFP

The UK’s benchmark share index headed higher in early trade, with a mix of stocks supporting the market.

The FTSE 100 index climbed 53.98 points, to 0.7%, to 7,517.52.

Top risers on the index included medical products firm Convatec, which rose 1.8%, while mining giant Anglo American and Marks and Spencer were both up 1.6%.

In the FTSE 250, Ocado jumped 7.6% on speculation that the online grocer could become a bid target.

Credit Suisse said last week’s announcement that Amazon was buying Whole Foods increased the likelihood of Ocado being a takeover target. Separately, analysts at Exane raised their rating on Ocado to “outperform”.

Shares in womenswear chain Bonmarche fell 2.6% after it reported a 40% fall in annual profits.

The retailer admitted that the past year had been “more challenging than we had expected”, with the market hit by a combination of rising prices and wages, uncertainty surrounding the Brexit referendum, and unseasonal weather.

On the currency markets, the pound rose 0.2% against the dollar to $1.2797 and was 0.1% higher against the euro at 1.1427 euros.



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