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FTSE up on trade relief, Thomas Cook surges on buyout talks

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FTSE up on trade relief, Thomas Cook surges on buyout talks
FILE PHOTO: Traders looks at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson   -   Copyright  SIMON DAWSON(Reuters)
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(Reuters) – London’s main index gained on Monday as a U.S.-Mexico deal to avert proposed tariffs boosted global sentiment, while top UK tour operator Thomas Cook surged on signs of a bid for its main business from Chinese shareholder Fosun Tourism.

The FTSE 100 gained 0.4% and the FTSE 250 rose 0.2% by 0706 GMT, tracking gains in Asian stock markets as investors cheered the agreement between the United States and its southern neighbour .

Gains were spread largely across the board in London, with heavyweight financial stocks, miners and oil shares all boosting the FTSE 100.

Plumbing products distributor Ferguson’s shares lost 4.1% after the company’s third-quarter revenue missed analysts’ expectations.

Woodford Patient Capital Trust, a FTSE 250-listed fund run by money manger Neil Woodford, tumbled another 5%, despite reassuring investors that the suspension of a flagship equity fund had not affected its “operational performance”.

Thomas Cook, which has put its tour operating business up for sale in the aftermath of three profit warnings in the past year, surged 11.8% after it said it was in talks with Fosun, already the company’s largest shareholder.

(Reporting by Shashwat Awasthi in Bengaluru)

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