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UPDATE 2-Miners, energy stocks push FTSE 100 higher; Arrow Global soars

Published 08/02/2021, 11:05
Updated 08/02/2021, 18:12
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Miners jump on U.S. stimulus bets
* Oil majors gain on stronger crude prices
* Private equity firm TDR Capital raises Arrow bid to $740
mln
* FTSE 100 up 0.5%, FTSE 250 adds 0.1%

(Updates to market close)
By Amal S and Shivani Kumaresan
Feb 8 (Reuters) - London's FTSE 100 snapped a three-day
losing streak on Monday as mining and energy stocks tracked
strong gains in commodity prices, while Arrow Global surged
after private equity firm TDR Capital raised its buyout offer
for the asset manager.
The commodity-heavy FTSE 100 .FTSE was up 0.5%, boosted by
the likes of miners Anglo American AAl.L , Rio Tinto RIO.L
and BHP Group BHPB.L and oil producers BP BP.L and Royal
Dutch Shell RDSa.L .
Financial firms were also among the biggest gainers
throughout the day.
"The progress we are seeing regarding to COVID cases and
fatality is very positive here in the UK," said Craig Erlam,
senior market analyst at OANDA Europe.
"There seems to be a very good progress being made on the
U.S. stimulus package as well and that's giving the market a
boost."
The FTSE 100 has recovered nearly 33% from its March 2020
lows, led by a raft of stimulus, but a surge in infections and
widespread lockdowns recently have slowed economic growth. The
index has also lagged its U.S. and European peers, which are up
77% and 52%, respectively.
All eyes this week will be on British GDP and manufacturing
data for clues about the pace of the economic rebound.
Global stock markets reached record high on hopes that a
$1.9 trillion U.S. COVID-19 aid package will be passed as soon
as this month. GLOB/MKTS
Shares of British retailers .FTNMX5370 were subdued as
some of the biggest retailers, including supermarket chain Tesco
TSCO.L and bookstore Waterstones have urged the government to
permanently cut business rates if it wants physical stores to
survive in the age of mass online shopping. The mid-cap FTSE 250 index .FTMC fell 0.1%, led lower by
technology-related firms.
Arrow Global Group ARWA.L surged 23.4% after TDR Capital
made a fourth offer for the European investor and asset manager
at a price of 305 pence per share. Online fashion retailer Boohoo BOOH.L fell 4.8% after it
bought Dorothy Perkins, Wallis and Burton brands from the
administrators of Arcadia for 25.2 million pounds ($34.6
million), completing the break-up of Philip Green's empire.


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