Telecom shares boost UK's FTSE 100, though index clocks weekly loss
FTSE 100 Performance and Key Market Movers
July 10 (Reuters) - London's FTSE 100 closed higher on Friday as communications stocks took the lead, with Vodafone jumping after French tycoon Xavier Niel became the company's biggest shareholder, though the index suffered a weekly fall.
The blue-chip FTSE 100 index rose 0.2% to 10,497.3 points, while the midcap FTSE 250 gained 0.6%. However, both indexes posted firm weekly losses, down 1.7% and 0.7%, respectively.
Major Gainers in the FTSE 100 and FTSE 250
Telecom Sector Highlights
• Vodafone jumped 12.6% to the top of the FTSE 100 after the UAE telecoms group e& said it would sell its stake in the British telecom company to the family investment vehicle of French billionaire Xavier Niel in a deal valued at nearly $6 billion.
Travel and Leisure Stocks
• easyJet soared 14.3% to the top of the FTSE 250 after the budget carrier agreed in principle to a £5.7 billion ($7.65 billion) takeover approach from Apollo Global, helping travel and leisure stocks lead sectoral gains, up 1.6%.
Other Sector Performances
• Media shares and chemicals added 1.3% each.
Key Decliners and Market Drags
Healthcare Sector
• Healthcare was a drag, with heavyweight AstraZeneca down 3.9% after dropping over 6% in the previous session.
Geopolitical and Company-Specific Developments
Middle East Tensions
• Renewed Middle East tensions were on the cards, as U.S. President Donald Trump said Iran had asked to continue talks and the U.S. had agreed, but the June ceasefire was "over".
Wealth Management Sector
• St. James's Place was among the FTSE 100's worst performers, sliding 8.6% following a report that Sovereign Wealth — one of the money manager's largest partner firms — was in talks to join a Swedish wealth management group.
Other Notable Movers
• Shares of Hays rose 19.6% after the recruiter said it expects annual operating profit at the top end of market expectations, helped by cost cuts and improved consultant productivity.
Political Developments
• On the political front, Andy Burnham moved closer to becoming Britain's next prime minister after securing overwhelming backing from Labour lawmakers, putting him in a strong position to succeed Keir Starmer.
(Reporting by Tharuniyaa Lakshmi and Shashwat Chauhan in Bengaluru; Editing by Vijay Kishore and Jonathan Ananda)