London shares rebound as fears of wider Middle East conflict ebb (updated)

Hipgnosis Songs Fund

22/04/2024 09:46

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        * 
      FTSE 100 up 1.1%, FTSE 250 adds 0.8%
    

        * 
      Tyman surges on $976 million buyout deal
    

        * 
      Chill Brands slumps after suspending CEO
    

        * 
      Hipgnosis Songs Fund climbs after Blackstone's $1.5 bln
offer
    

        * 
      UK PMI data due Tuesday; U.S. PCE data due Friday
    

  
 (Updated at 8:26 GMT)
    By Pranav Kashyap and Shubham  Batra
       April 22 (Reuters) - London stocks gained 1% on Monday,
following last week's sharp selloff, as fears of the Middle East
crisis escalating eased and investors looked ahead to domestic
and U.S. economic data later in the week. 
    The benchmark FTSE 100  .FTSE  rose 1.1%  as of 0826 GMT,
while the mid-cap FTSE 250  .FTMC  gained 0.8%. Both indexes are
set for the biggest percentage gain in a month. 
    Tyman  TYMN.L  led gains in the construction sector
 .FTNMX501010  after it surged 29% on a $976 million buyout deal
by Quanex Building Products  NX.N . The index was also the top
gainer with a nearly 3% jump.
    The energy sector  .FTNMX601010  was up by 0.7% despite oil
prices falling by more than 1%. 
    Precious metal miners  .FTNMX551030  was the only sector in
the red, slipping 1.2% as gold prices eased after Iran
downplayed the risks of an escalation.  GOL/ 
    Markets will be focussed on comments from Bank of England's
Chief Economist Huw Pill on Tuesday for hints on future rate
cuts and the manufacturing and services data for performance of
the UK economy.
    U.S. personal consumption expenditure price index data is
due on Friday. 
    "All eyes this week are on the latest expectations for the
United States and just how stubborn inflation is expected to
stay," Susannah Streeter, head of money and markets at
Hargreaves Lansdown said.
    Shares of Marks & Spencer Group  MKS.L  jumped nearly 3%
after Jefferies raised the stock to "Buy" from "Hold" earlier.
    Hipgnosis Songs Fund  SONG.L  boosted the midcap index with
a 10.3% gain as Blackstone  BX.N  made a potential offer to buy
the company that owns rights to music by artists including
Shakira and Red Hot Chilli Peppers for about $1.5 billion.
    Chill Brands  CHLL.L  fell nearly 24% after the vape-maker
suspended CEO Callum Sommerton after allegations were raised
around the company's use of inside information.
    Meanwhile, an industry survey showed that prices of homes
being sold in Britain are close to their record highs after the
biggest annual increase in a year.
    
    

 (Reporting by Pranav Kashyap and Shubham Batra in Bengaluru;
Editing by Mrigank Dhaniwala)
 ((Shubham.Batra@thomsonreuters.com;))
 
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