RockRose eyes big deals
Oil and gas: Producer to be ‘significant’ player if acquisitions completed
The FTSE 100 Index lifted to a two-week high yesterday on the back of a weaker pound, which dropped following a downward revision to UK growth figures.
London’s blue-chip index ended the day up nearly 0.7%, or 49.94 points at 7,372.76, its highest level since midSeptember.
It made gains on the back of a softer pound, as multinational firms on the FTSE 100 tend to benefit when foreign currencies are stronger than sterling. In UK stocks, troubled infrastructure Purplebricks jumped 15.25p to 387.5p after the online estate agent said it expected to double halfyear revenue in the UK to £36million because of good progress over the past few months.
Insurer Beazley rose 19.8p to 479.5p despite a profit warning from the company. It said annual earnings would take a £112million hit following Atlantic hurricanes and earthquakes in Mexico which are expected to ramp up claims.