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British shares lifted by financials, consumer staples; Sanne Group shines

British shares lifted by financials, consumer staples; Sanne Group shines

(Reuters) – British shares rose on Friday, helped by gains in heavyweight financial and consumer staples stocks, while Sanne Group topped the mid-cap index after rejecting a $1.90 billion buyout proposal.

The blue-chip index rose 0.7%, with software company Sage Group adding 3% after reporting a better-than-expected 4.4% rise in first-half organic recurring revenue and forecasting growth for the year to be toward the top end of its 3% to 5% range.

Banks and large dollar earning consumer staples companies were among the biggest boost to the index.

Spirits maker Diageo rose 1.8% after HSBC raised its price target on the stock.

In global markets, shares snapped a three-day decline, reflecting an overnight revival on Wall Street, as Federal Reserve officials reiterated that price pressures from the reopening of the economy would prove transitory. [MKTS/GLOB]

The domestically focused mid-cap FTSE 250 index advanced 0.8%.

Alternative asset and corporate services firm Sanne Group jumped 27.7% after it rejected private-equity firm Cinven’s 1.35-billion-pound ($1.90 billion) buyout offer.

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

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