The FTSE 100 began trading up 16.19 points at 10,478.15 following a softer-than-expected US employment report that cooled expectations for another Federal Reserve interest-rate increase. Meanwhile, Brent crude futures dropped 0.81% to USD 101.4 per barrel, and US West Texas Intermediate (WTI) pulled back 1.58% to USD 89.67 per barrel.
Early Monday trading saw the British pound slip to USD 1.3207, down from USD 1.3233 at Friday’s London market close, though it climbed against the euro from EUR 1.1750 to EUR 1.1800.
Gainers & Losers
Leading the advance, Ithaca Energy moved up 2.32% to 281.80p, and BT Group increased 1.83% to 199.90p. Metlen Energy & Metals gained 1.77% to €49.46, the London Stock Exchange Group rose 1.46% to 8,208p, Haleon added 1.31% to 332.60p, and Airtel Africa picked up 1.17% to 311.20p.
Conversely, 3i Group paced the declines, dropping 3.48% to 2,466p, while IG Group Holdings fell 3.08% to 959.50p. Whitbread decreased 1.27% to 2,409p, Halma drifted down 1.11% to 3,560p, Games Workshop Group dipped 0.29% to 17,140p, and Next edged down 0.24% to 14,330p.
Ithaca Energy to Acquire Suncor
Shares of Ithaca Energy surged following the announcement of an agreement to buy a package of conventional offshore oil assets belonging to Suncor Energy.
The purchase carries an upfront cash price tag of USD 860 million alongside up to USD 250 million in contingent payments. Under the terms, Ithaca assumes a 48% operated stake in the Terra Nova field alongside non-operated positions in the White Rose fields.
These properties are projected to contribute 103 million barrels of oil equivalent in proved and probable reserves, generating average output of roughly 30,000 boe/d across the 2027-to-2031 timeframe.
BT Acquired TalkTalk
Telecommunications major BT has taken over rival TalkTalk. The company reported that it purchased TalkTalk and its wholesale division, PlatformX Communications (PXC), out of administration on a debt-free basis.
The acquisition is projected to cost BT approximately GBP 400 million overall when factoring in transaction expenses, working capital requirements, a GBP 60 million trading loss, and GBP 100 million in uncollected Openreach revenues.
BT stated that the transaction delivers “immediate reassurance” to TalkTalk personnel, its 1.5 million retail customers, and its one million wholesale clients across the UK.
Lidl Profit Rises
Lidl posted higher annual revenue and profits after welcoming an additional 43 million shopping visits. On Monday, the discount retailer announced a substantial boost in investment toward its Lidl Plus program, which fueled a 23% jump in active users during the 12 months leading up to February.
Operating profit expanded by 10% to reach GBP 345 million, while revenue climbed 10.8% to total GBP 13 billion over the same fiscal year.
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Global Market View
American stocks finished the week higher on Friday. The Dow Jones Industrial Average rose 250 points, or 0.5%, to end at 51,176.46, the S&P 500 gained 0.7% to 7,722.72, and the technology-focused NASDAQ Composite advanced 1.2% to 27,190.86.
Across Asia on Monday, Tokyo’s Nikkei 225 jumped 2.4% to 68,946.86, and China’s Shanghai Composite ticked up 0.31%. Hong Kong’s Hang Seng dipped 0.020%, South Korea’s Kospi grew 0.46%, and Indian benchmarks Nifty 50 and Sensex rose 0.17% and 0.19%, respectively.
