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FTSE 100 rises after Friday's rout, BT Group jumps on M&A report

FTSE 100 rises after Friday's rout, BT Group jumps on M&A report
FTSE 100 rises after Friday's rout, BT Group jumps on M&A report   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p>By Bansari Mayur Kamdar</p> <p> – London’s <span class="caps">FTSE</span> 100 bounced back from its worst session in more than a year to rise on Monday as investors kept a wary eye on the newly detected Omicron coronavirus variant and BT Group jumped following a report of takeover interest.</p> <p>The <span class="caps">FTSE</span> 100 ended 1% higher, after the discovery of the new variant knocked 3.6% off the blue-chip index on Friday. </p> <p>While Omicron was already as far afield as Canada and Australia, a South African doctor who had treated cases said symptoms were so far mild. </p> <p>“Decisive action by governments to try and control the spread of the new Omicron Covid variant has restored some confidence among investors,” said Russ Mould, investment director at AJ Bell.</p> <p>“Monday’s market movements suggest individuals have had some time to reflect on events over the weekend and are being calmer with their investment decisions.”</p> <p>BT Group Plc ended 6.1% higher, trimming back some of its gains after India’s Reliance Industries denied a media report it was weighing a bid for the British telecoms group.</p> <p>The stock gained as much as 9% after The Economic Times said billionaire Mukesh Ambani’s Reliance might make an unsolicited offer to buy into BT or try to get a controlling share. </p> <p>Oil majors BP and Royal Dutch Shell added more than 2% each as crude prices jumped back from their lowest in more than a year, on investors looking for bargains and speculation that <span class="caps">OPEC</span>+ may pause an output increase. [O/R]</p> <p>Miners gained 1.9% as metal prices recouped some of the previous week’s losses. [MET/L]</p> <p>Shares in <span class="caps">HSBC</span>, Lloyds and Barclays all gained between 0.8% and 1.6%.</p> <p>The domestically focussed mid-cap index advanced 1.0%, also recovering from its worst sell-off so far this year, with Wizz Air and Carnival <span class="caps">PLC</span> among the best performers as travel stocks recouped some of Friday’s losses.</p> <p>Subprime lender Amigo Holdings Plc slumped 28.7% after saying it expected court proceedings over its new rescue plan to take at least four months. It laid out plans for an equity raise to support the business.</p> <p/> </div>