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FTSE rebounds ahead of Powell speech; Entertainment One soars

FTSE rebounds ahead of Powell speech; Entertainment One soars
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 -
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SIMON DAWSON(Reuters)
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(Reuters) – London’s FTSE 100 bounced back on Friday ahead of U.S. Federal Reserve Chairman Jerome Powell’s much-anticipated speech, while Peppa Pig owner Entertainment One rose to a life high after agreeing to be bought by U.S. toy maker Hasbro.

The FTSE 100 <.FTSE> rose 0.6% by 0714 GMT, but was still on track for its worst month in four years, while the mid-caps <.FTMC>, which had benefited from the recent strength in pound, were up 0.7%.

Markets are expecting a clearer picture from Powell’s speech at 1400 GMT on future rate cuts, especially after shares fell in the previous session as the Fed’s latest minutes showed a deeply divided view on future monetary policy and a rally in the pound hit exporter stocks.

Entertainment One <ETO.L> surged 29.1% to 569 pence after a deal with Hasbro <HAS.O> for about $4 billion in cash, or 560 pence a share. News of the deal lifted shares in broadcaster ITV <ITV.L> by 2.4% to the top of the FTSE 100.

Woodford Patient Capital Trust <WPCT.L>, however, sank 9% to an all-time low after Link Fund, responsible for valuing the company’s portfolio, said it would lower the value of Woodford’s stake in IH Holdings, which would hit its total net asset value.

(Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur)

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