FTSE 100 LIVE: Index remains unchanged as a US private equity group acquires Morrisons, a UK grocery operator.
The FTSE 100 index in London was flat on Monday, with losses in heavyweight banks offsetting gains in miners and energy stocks. Morrisons was also down after private equity firm Clayton, Dubilier & Rice (CD&R) won a bid for the supermarket chain.
At 0712 GMT, the blue-chip FTSE 100 index was flat, with the worst performers being HSBA, Prudential, and Lloyds Group.
Consumer discretionary companies led to a 0.2 percent drop in the domestically focused mid-cap index.
Morrisons, the fourth-largest supermarket in the United Kingdom, fell 3.7 percent after US private equity firm Clayton, Dubilier & Rice (CD&R) won the company’s auction with a 7 billion pound ($9.5 billion) bid.
Petrofac rose 9.2% after the oil services company announced it was considering refinancing alternatives in light of a potential $240 million fine from a London court.
Plus500, an online trading platform, surged 5.8% after upgrading its projection for the second time in under three months.
Rishi Sunak will speak at the Conservative Party Conference #CPC21 ud835udc0bud835udc08ud835udc15ud835udc04 On our Twitter, Facebook, and YouTube feeds, you can watch Chancellor @RishiSunak’s speech live. twitter.com/oodDdXB4hSC Rishi Sunak, the city’s mayor, denied that the city’s role in tax evasion is a “cause of embarrassment.”
On BBC Radio 4’s Today show, he said: “I don’t think it’s a cause for concern since we have a good track record in this area.
“As you can see from the papers, it’s a worldwide problem with a global dimension, and we need other countries to work with us to solve it, but we’re committed to doing so.”
Chancellor Rishi Sunak has refused to say whether he plans to slash taxes before the next election.
On BBC Radio 4’s Today show, he said: “I’m not going to speculate on future budgets from here.
“I’d like to believe that we’ve been fiscally prudent, and that’s something I take very seriously.”
During the coronavirus outbreak, he continued, “we’ve had to do some difficult things that I would rather not have had to do.”
At 8 a.m., the pound was trading at 1.3550 dollars, up from 1.3569 dollars at the previous closing.
At 8 a.m., the euro was 0.8566 pounds, up from 0.8549 pounds at the previous closing.