Ftse 100 Kicks Off Week On Tepid Note; Medica Hits Five: year high (updated)
24/04/2023 10:01
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April house prices show weak rise - Rightmove
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Dunelm gains on Stifel upgrade
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Medica Group surges on buyout deal
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FTSE 100 flat, FTSE 250 down 0.2%
(Adds comment; updates prices, details)
By Shristi Achar A and Johann M Cherian
April 24 (Reuters) - London's FTSE 100 ended Monday's
session flat ahead of a busy earnings week, while shares of
telemedicine services firm Medica Group hit a more than
five-year high on a buyout deal.
Medica Group MGPM.L surged 33.8% after accepting a
takeover bid by private equity firm IK Investment Partners for
269 mln pounds ($334 mln) in cash.
"Medica is the latest to be snapped up by a private equity
firm," said Susannah Streeter, head of money and markets at
Hargreaves Lansdown.
"It's fresh evidence that UK assets are considered to be
cheap, weighed down by the impact of Brexit, the weaker pound,
and the stagnating (domestic) economy."
The FTSE 100 .FTSE closed flat, while the mid-cap FTSE 250
.FTMC was down 0.2%.
Oil giants BP BP.L and Shell SHEL.L added 0.7% and 0.3%,
respectively, tracking strength in crude oil prices O/R .
Base .FTNMX551020 and precious metal miners .FTNMX551030
extended losses into a fourth session and were the biggest drag
on the commodity-heavy FTSE 100 on concerns about demand
recovering in top-consumer China. MET/L
The prior week, the FTSE 100 logged its fifth consecutive
weekly rise, marking its longest streak of weekly gains in more
than a year.
Markets are now looking for fresh catalysts as investors
await company earnings later this week to gauge the impact of
monetary tightening on firms.
Lender Barclays Plc BARC.L and consumer companies like
Reckitt RKT.L and Unilever Plc ULVR.L will report quarterly
results this week.
Across the Atlantic, mega-cap companies such as Microsoft
Corp MSFT.O , Google parent Alphabet Inc GOOGL.O and
Amazon.com Inc AMZN.O , are also scheduled to report their
earnings this week.
Dunelm DNLM.L gained 1.5%, helping retailers
.FTNMX404010 rise 0.2%, after Stifel upgraded the company to
"buy".
Dowlais Group DWL.L rose 5.8%, marking its third straight
day in gains following its debut.
Meanwhile, data from property website Rightmove showed
domestic housing prices rose less than normal for the time of
year, over the past month .
(Reporting by Shristi Achar A and Johann M Cherian in
Bengaluru; Editing by Sonia Cheema, Subhranshu Sahu and Sharon
Singleton)
((Shristi.AcharA@thomsonreuters.com;))
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