Thursday, July 7

London stocks extend gains ahead of long weekend


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UK’s FTSE 100 rose on Wednesday, heading into a long weekend with broad-based gains, while shares of Dr. Martens surged 20% after the footwear brand lifted its annual revenue forecast.

As of 0714 GMT, the blue-chip FTSE 100 was up 0.2%, extending gains for a sixth consecutive session. The domestically focussed midcap index climbed 0.4%.

UK markets will be closed on Thursday and Friday for Queen Elizabeth’s Platinum Jubilee bank holiday.

Dr. Martens soared after the company forecast upbeat annual revenue growth, underpinned by price hikes made in response to soaring inflation and stronger sales of its shoes and boots.

Shares of Tullow Oil added 1.8% after the London-listed energy group launched plans to acquire Capricorn Energy in an all-stock deal valued at 656.9 million pounds ($826.7 million).

BT Group slipped 0.2% after Britain’s competition watchdog said it had started investigating the telecoms group’s deal to combine its sports broadcasting business with Warner Bros Discovery.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips)



financialpost.com