By Shristi Achar A and Johann M Cherian
(Reuters) -The UK’s FTSE 100 eked out small gains for a seventh straight session on Monday, as a weaker pound lifted shares of internationally focused firms even as heavy-weight banks clocked their biggest loss in over three weeks.
The FTSE 100 closed 0.1% up, hitting its highest level since March 9.
Consumer staples firms that benefit from exports like Unilever Plc and Reckitt Benckiser Group Plc were the biggest boost to the export-oriented FTSE 100, gaining around 1% as the pound declined. [GBP/]
Base metal miners rose 0.6% as tin prices jumped to their highest in nearly two months amid talks of a potential ban on mining in major ore producer Myanmar. [MET/L]
Lenders slipped 1.2%, stalling advances on the blue-chip index FTSE 100 after disappointing results from a few U.S. cutodian banks dampened investor sentiment. [.N]
“There’s just general nervousness about banks after a range of banks reported their earnings in the U.S.,” said Giles Coghlan, chief market analyst at HYCM.
“Even though the problems started in the U.S. and even though Governor Bailey has said there isn’t a problem in UK banks, it just makes banks unattractive at present.”
The FTSE 100 has clocked gains for four straight weeks, with investors taking an interest in commodity-linked sectors such as energy and sectors considered recession-insured like pharmaceuticals and consumer staples.
The mid-cap FTSE 250 ended 0.2% up boosted by airlines Easyjet Plc and Wizz Air Holdings as oil prices declined. [O/R]
THG Plc soared more than 44.9% and notched its biggest daily percentage gain since its listing in 2020 after it said it had received a “highly preliminary” buyout proposal from U.S. listed Apollo Global Management.
Among other moves, Network International jumped 19.9% on receiving a takeover bid, while John Wood Group added 6.7% on its plan to engage with Apollo Management for a $2.1 billion proposal.
(Reporting by Shristi Achar A and Johann M Cherian in Bengaluru; Editing by Shailesh Kuber and Christina Fincher)
