MARKET REPORT

PHARMACEUTICAL giant Shire gave London’s premier index a leg up after shares rocketed on the prospect of Japan’s Takeda launching a takeover bid.

The FTSE 100 Index closed up 44.60 points to 7,044.74, with Takeda saying its consideration was at a “preliminary and exploratory stage”.

The Osaka-based group said a potential transaction with Shire presented an opportunity to create a “truly global, value-based Japanese biopharmaceutical leader”.

Shares in Shire soared 14%, or 430p to 3,500p.

Across Europe, Germany’s Dax fell 0.3% and the Cac 40 in France rose by 0.3%.

On the currency markets, the pound was struggling against the US dollar after figures showed February and March’s bitter weather conditions had hit retailers.

Sterling was 0.4% lower versus the greenback at 1.41 dollars, as year-on-year retail sales volumes declined for the first time since October 2017 in March. Against the euro, the UK currency was 0.2% ahead at 1.14 euro.

The price of oil slipped back below the 70 dollars a barrel mark after a report from the Energy Information Administration pointed to rising stockpiles of US crude.

Electronic trading firm Nex Group rocketed after the group confirmed a takeover offer worth more than £3.7bn from US giant CME. Nex, which specialises in wholesale trading, is headed by Michael Spencer, the former Conservative Party treasurer.

The biggest risers on the FTSE 100 Index were Shire up 430p to 3,500p, United Utilities up 55.6p to 724p, Severn Trent up 106p to 1,848p. The biggest fallers were Evraz down 27.4p to 425.2p, Antofagasta down 37p to 910.8p, Anglo American down 64.2p to 1,616.8p.