FTSE 100 advances as banks and commodity-related stocks surge; Entain at an all-time high

Pedestrians exit and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS / Neil Hall / File Photo

  • Entain jumps to all-time high on DraftKings buyout proposal
  • Oxford BioMedica benefits from an investment from the Serum Institute of India
  • Soap maker PZ Cussons drops as first quarter revenue falls
  • FTSE 100 up 1.5%, FTSE 250 up 0.7%

September 22 (Reuters) – London’s FTSE 100 recorded its best day in two months on Wednesday, extending gains on banking and commodity-linked stocks, as investors waited for major central bank meetings for clues on a timetable for reducing stimulus measures.

The FTSE 100 (.FTSE) ended up 1.5% with banks (.FTNMX301010) leading the gains after default fears around real estate giant China Evergrande eased. Read more

“We had a massive sell off on Evergrande fears and now we have recovered. Today’s major Evergrande news relieved the market, which pushed banks higher,” Keith said Temperton, trader at Forte Securities.

Entain (ENT.L) jumped 5.1% to an all-time high after the games company revealed a $ 22.4 billion buyout proposal from Boston-based DraftKings (DKNG.O), which was almost double an offer she rejected from MGM (MGM.N) this year. Read more

Easing lockdowns and travel restrictions coupled with rising commodity prices has helped the FTSE 100 gain 1.7% so far this week to trade above the psychological level of 7,000 .

Investors are now awaiting the outcome of the US Federal Reserve meeting which will end later today and the Bank of England’s rate decision on Thursday.

“I don’t see the Fed doing anything particularly aggressive yet, but the language will change, Powell actually needs to say something about starting the cut,” Temperton added.

Also among the winners were industrial metal miners (.FTNMX551020), up 3.2% on soaring copper prices. METL /

The domestically focused mid-cap index (.FTMC) climbed 0.7%, with Oxford BioMedica (OXB.L) the biggest winner of a £ 50million (68.24million) investment. dollars) from the Serum Institute of India. .

Gains in travel and leisure stocks (.FTNMX405010) also supported the mid-cap index.

Vacation group of over-50s Saga Plc (SAGA.L) fell 0.1% after warning that there remained uncertainties over the long-term impact of COVID-19 on the industry.

Soap maker Imperial Leather PZ Cussons (PZC.L) fell 4.6% after reporting lower revenues in the first quarter.

Reporting by Shashank Nayar and Amal S in Bengaluru; edited by Uttaresh.V and Subhranshu Sahu; Editing by Alex Richardson

Our Standards: Thomson Reuters Trust Principles.

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