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Oil majors lift FTSE 100, Ferguson jumps on Peltz stake

Published 13/06/2019, 08:39
Oil majors lift FTSE 100, Ferguson jumps on Peltz stake
UK100
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MKS
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FERG
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TSCO
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FTMC
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JUSTJ
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 up 0.1%, FTSE 250 flat
* Ferguson jumps after Nelson Peltz takes stake
* Tesco , M&S slips on main index
* Just Group surges ahead of AGM

June 13 (Reuters) - London's FTSE 100 edged higher on
Thursday as Ferguson surged to an eight-month high after
activist investor Nelson Peltz bought into the plumbing products
distributor, while oil majors recovered from steep losses in the
previous session.
The FTSE 100 .FTSE inched 0.1% higher, while the mid-cap
FTSE 250 .FTMC was roughly flat by 0725 GMT.
Ferguson FERG.L jumped 5.5% to the top of the main index
after Peltz's Trian Fund disclosed a stake of almost 6% and said
it would work with the company, formerly known as Wolseley , to
explore initiatives to create long term value for shareholders.
Oil stocks provided the biggest boost to the index as crude
prices rebounded after slipping more than 3.5% on Wednesday.
O/R
But stock market gains were limited by a 1.6% drop in Tesco
TSCO.L shares after Britain's biggest retailer said its
underlying sales growth slowed in the latest quarter.
Peer Marks and Spencer MKS.L gave up 2.3% after the
clothing and food retailer said it received valid acceptances of
roughly 85.14% shares for a rights issue. Just Group JUSTJ.L climbed 10% on the mid-cap index. The
specialist pension provider said in a statement ahead of its
annual general meeting that it was focused on delivering
"capital self-sufficiency" by 2022.

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