London stocks opened Monday in the green, with the FTSE 100 up 0.5% as RELX and defence names led the risers. Takeover activity around Next, EasyJet and ITV kept several large caps in focus.
The FTSE 100 rose 0.5% in early Monday trade, while the FTSE 250 gained 0.4%. The move tracked a firmer tone across European equity indices as the trading week began.
On the continent, Germany's DAX rose 0.2%, the CAC 40 added 0.5% and the Stoxx 50 climbed 0.1%. Oil edged lower in early trade, while gold reversed overnight gains as the dollar firmed.
RELX and defence stocks lead the risers
RELX topped the FTSE 100 risers board, jumping 3.26%, though the stock remains down over 20% year-to-date.
Defence names climbed alongside it. BAE Systems added 2.55% and Babcock International traded 2.5% higher, extending recent gains for the sector amid ongoing geopolitical tensions and government spending announcements. Housebuilder Barratt Redrow also featured among the leaders, gaining 2.84%.
Takeover deals keep large caps in focus
Corporate activity drove several individual moves. According to a report from Sky News, Next is preparing a takeover bid for luxury department store chain Harvey Nichols.
EasyJet said it has reached an "agreement in principle" with US private credit firm Castlelake over a takeover deal worth approximately £6.90 per share. ITV, meanwhile, traded higher after it announced the sale of its Media and Entertainment business to Sky.
Fallers give back recent gains
Not every large cap advanced. Halma slipped 1.40%, while miner Fresnillo fell 0.99%, handing back some of the ground made in the second half of last week as gold prices cooled from overnight highs. Airtel Africa dropped 0.93%.
Source: AskTraders
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