After such a dismal day of losses yesterday, the main excitement in the stock markets this afternoon was news of a deal brokered between the British government, BAE Systems and the Indian government to sell jets.
BAE Systems closed the day up 2p or 1.1% to 192.25p after it announced a deal – which eventually took 18 years to broker – to sell 66 Hawk fighter jets worth £795m to India.
As a result, the FTSE 100 index closed up 19.8 points or 0.5% to 4417.7, but this is still down over 1% on the week after yesterday’s 1.32% fall to under 4400.
Canary Wharf Group was one of the firms which has managed to make gains as the property firm has now agreed a takeover deal with a Morgan Stanley-led investor group for £1.7bn or 292p a share. This is substantially beyond the 275p a share deal offered by Morgan Stanley and Brascan and boosted its share price by 14.5p or 5.2% to a 16-month high of 292.5p.
In the US, stock markets are struggling to make any headway, as both the Dow Jones and S&P 500 index are down a fraction.
The Nasdaq is up 0.17% to 1,965 while the Dow Jones is down 0.11% to just under 10,285 and the S&P 500 index is off 0.19% to 1,120.IFAonline
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