FTSE 100 continues record run boosted by Anglo American, AstraZeneca

By Thomson Reuters Apr 29, 2024 | 2:40 AM

(Reuters) – Britain’s FTSE 100 extended a record rally on Monday, driven by gains in Anglo American after a report said BHP Group was considering a better buyout proposal and AstraZeneca after it reported progress in some treatments.

The blue-chip FTSE 100 rose 0.4% to hit an all-time high of 8,185.69 points by 0725 GMT. The index was up for eight of the past nine sessions.

The upbeat sentiment spilled over into the new week as Wall Street rose on Friday due to a rally in mega cap growth stocks. [.N]

Anglo American added 2.5% after a source familiar with the matter told Reuters that BHP Group is considering an improved offer after its $39 billion proposal was rejected by the London-listed copper miner.

AstraZeneca rose 1.1% after the pharmaceuticals giant made progress with two breast cancer treatments.

Hipgnosis Songs Fund climbed 2.3% after Blackstone agreed to acquire the music rights owner for about $1.57 billion, trumping an offer from Concord.

The mid-cap FTSE 250 was flat after having hit an over two-week high earlier in the session.

Petrofac slumped 23.4% after a group of noteholders offered the struggling UK oilfield services provider a $300 million credit line, and the firm also delayed the publication of its full-year results to May 31.

(Reporting by Pranav Kashyap and Sruthi Shankar in Bengaluru; Editing by Varun H K)