The FTSE 100 index surged back through 5,700 today, closing up 0.75% to 5,732, on anticipation of a battle for P&O following yesterday's approach from Singapore.
P&O finished ahead of the pack, gaining 6.29% to 498.50p, on the prospect of a bidding war as the company confirmed it has received a £3.5bn conditional offer from Singapore ports group PSA. Banks were also strong, with Lloyds TSB 1.92% higher at 505p on a Deutsche Bank upgrade to "buy" from "hold". The German broker also said "buy" Barclays and Northern Rock, causing Barclays to gain 1.21% to 626.5p and Northern Rock to rise 1.50% to 945p, while Royal Bank of Scotland gained 1.41% to 1,802p. Miners recovered from yesterday’s Phelps Dodge-inspired fall, with Rio Tinto gaining 3.23%...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
