FTSE 100 set for best week since April on recovery hopes

  • Reuters
  • Stock Market News
FTSE 100 set for best week since April on recovery hopes
Credit: © Reuters.

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* FTSE 100 up 0.3%, FTSE 250 adds 0.4%

May 7 (Reuters) - London's FTSE 100 rose on Friday and was on track for its best weekly performance in a month, as hopes of a stronger economic recovery powered energy and industrial stocks, while Meggitt shares soared on a takeover report.

The bluechip index .FTSE rose 0.3%, with engineer Melrose Industries MRON.L adding 1.5% after Morgan Stanley (NYSE: MS ) raised its price target on the company's shares.

Oil majors BP BP.L and Royal Dutch Shell RDSa.L gained 0.4% and 1.2%, respectively, tracking higher crude prices. O/R

Miners .FTNMX551020 also jumped after London copper prices hit an all-time high on expectations of tighter supply and hopes of higher demand. MET/L

The domestically focused mid-cap FTSE 250 index .FTMC advanced 0.4%.

St. Modwen Properties SMP.L surged 19.1% after it received a potential takeover offer from private equity firm Blackstone (NYSE: BX ), valuing the property developer at around 1.21 billion pounds ($1.68 billion). MGGT.L jumped 12.8% on report that Woodward WWD.O was looking to acquire the UK aero-engineer.

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