Markets surge at close of play

The London markets surged higher on the back of news that Hong Kong Exchanges and Clearing tabled a £31.6 billion bid for the London Stock Exchange Group.

The FTSE 100 closed 70.08 points higher at 7,338.03 at the end of trading yesterday.

The FTSE surpassed its also positive European peers after it was boosted by the takeover offer which will disrupt the UK firm’s tie-up with Refinitiv.

Although the London markets outshone their European counterparts, it was still a positive trading day across the Channel.

The German Dax increased by 0.74% while the French Cac moved 0.44% higher.

The Dow Jones opened slightly higher as traders were mildly optimistic that the trade war with China is starting to cool.

Meanwhile, sterling had a mixed session, as fears remained that the UK could leave the European Union without a deal.

The pound was 0.23 % down versus the US dollar at 1.235, and up 0.2% against the euro at 1.120.

The price of oil was volatile after US oil stockpiles fell more sharply than analysts expected. The price of a barrel of Brent crude oil slumped by 2.3% to 61.26 US dollars.

The biggest risers on the FTSE 100 were London Stock Exchange, up 402p at 7,206p, Evraz, up 22p at 523.4p, Persimmon, up 78.5p, and British Land, up 21.4p at 553.6p.

The biggest fallers on the index were Antofagasta, down 26.4p at 893.2p, Informa, down 8.2p at 826.6p, Royal Dutch Shell A, down 22p at 2,305.5p, and Intertek, down 38p at 5,398p.