FTSE 100 gains on HSBC boost; M&A activity pushes mid-caps to record highs - Reuters

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Signage is seen outside the entrance of the London Stock Exchange in London, Britain. Aug 23, 2018. REUTERS/Peter Nicholls/File Photo

• FTSE 100 up 1.0%, FTSE 250 adds 1.5%

Aug 2 (Reuters) - London's FTSE 100 rose on Monday, led by HSBC after its first-half profit more than doubled, while a host of merger and acquisition activity helped push mid-cap stocks to record highs.

HSBC Holdings (HSBA.L) gained 1.3% and was the top boost to the blue-chip index after it reported forecast-beating first-half pretax profit that more than doubled from last year when it made huge provisions for pandemic-related bad loans. read more

The FTSE 100 (.FTSE) rose 1%, led by banks (.FTNMX301010), oil stocks (.FTNMX601010) and base metal miners (.FTNMX551020).

The domestically focussed mid-cap index (.FTMC) climbed 1.5%, led by Meggitt (MGGT.L) and Sanne Group (SNNS.L) on takeover deals.

British engineering group Meggitt surged 59.8% after U.S. industrial firm Parker-Hannifin (PH.N) said it agreed to buy the firm in a deal valuing it at 6.3 billion pounds. read more

UK asset manager Sanne Group Plc (SNNS.L) was the second-biggest gainer on the mid-cap index, up 8.4%, after it said it might get a $2 billion takeover bid from Apex.

Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

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FTSE 100 gains on HSBC boost; M&A activity pushes mid-caps to record highs - Reuters
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