FTSE 100 set for best week since April on recovery hopes

FTSE 100 gains on commodity boost; investors eye BoE policy decision
FTSE 100 gains on commodity boost; investors eye BoE policy decision   -  Copyright  Thomson Reuters 2021
By Reuters

(Reuters) – London’s FTSE 100 rose on Friday and was on track for its best weekly performance in a month, as hopes of a stronger economic recovery powered energy and industrial stocks, while Meggitt shares soared on a takeover report.

The bluechip index rose 0.3%, with engineer Melrose Industries adding 1.5% after Morgan Stanley raised its price target on the company’s shares.

Oil majors BP and Royal Dutch Shell gained 0.4% and 1.2%, respectively, tracking higher crude prices. [O/R]

Miners also jumped after London copper prices hit an all-time high on expectations of tighter supply and hopes of higher demand. [MET/L]

The domestically focused mid-cap FTSE 250 index advanced 0.4%.

St. Modwen Properties surged 19.1% after it received a potential takeover offer from private equity firm Blackstone, valuing the property developer at around 1.21 billion pounds ($1.68 billion).

Meggitt jumped 12.8% on report that Woodward was looking to acquire the UK aero-engineer.

(Reporting by Devik Jain in Bengaluru; Editing by Anil D’Silva)