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Banks hit one-month high
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Dechra logs biggest gain in 23 yrs on buyout deal
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Superdry falls on potential equity raise
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888 Holdings rise after upbeat outlook
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FTSE 100 up 0.4%, FTSE 250 adds 0.9%
(Adds comment; updates prices, details)
By Shristi Achar A and Johann M Cherian
April 14 (Reuters) - Britain's FTSE 100 ended higher on
Friday and logged its fourth straight weekly gain, boosted by
shares of big British banks, while Dechra surged following news
of talks for a takeover deal.
The blue-chip FTSE 100 closed 0.4% higher at a
one-month high, boosted by banks like HSBC Holdings Plc and Barclays Plc , which tracked investor optimism in
the United States after three big U.S. lenders reported strong
quarterly earnings. The broader bank sector surged 2.6%, hitting
its highest in a month.
"It doesn't surprise me that the biggest UK banks tended to
take their cue from JPMorgan and other earnings in the U.S.,"
said Steve Sosnick, chief strategist at Interactive Brokers.
"Being the two big leaders, investors are heartened that
large banks are still faring well."
Mid-cap name Dechra Pharmaceuticals Plc , jumped
33.1%, recording its biggest one-day percentage gain in over two
decades after the veterinary pharmaceuticals maker said it had
entered into talks with private equity group EQT for a possible
offer in a 4.63 billion pounds ($5.80 billion) all-cash deal.
The healthcare index housing the stock gained
0.2%.
Oil and gas stocks also advanced 0.5%
tracking strength in crude oil prices. FTSE 100 logged a 1.6% week jump, with gains in industrial
miners boosting the resource-rich index, while investors have
also taken interest in sectors considered insulated from a
recession such as consumer staples and pharmaceuticals.
HSBC said its planned sale of its French retail
banking business could fail due to capital concerns on part of
the buyer. But the lender was up 3.0% with the broader sector.
AO World Plc soared 11.8% after the online
electricals retailer said it expected its annual profit to be
around the top end of its forecast.
888 Holdings surged 20.9% after the bootmaker
forecast a higher adjusted core profit for 2023.
Bucking the trend, Superdry tumbled 16.7% after the
struggling fashion brand said a potential equity raise of up to
20% was among funding options being considered.
(Reporting by Shristi Achar A and Johann M Cherian in
Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)
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