Markets ended on a high yesterday amid strong performance from miners Glencore, Rio Tinto (RIO) and Anglo American and rumours of buyout deals for fashion brand Ted Baker and Cambridge-based cybersecurity firm Darktrace.
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Britain’s top share index the FTSE 100 ended up by 0.42%, an eight-week high, with miners the top gainers as European power prices hit a record high.
BHP (BHP) shares leapt 5.3% on its full-year results, with an 173% jump in profits thanks to soaring prices of commodities such as coal, and the news drove gains for miners such as Glencore (GLNCY).
Fears around recession and inflation continue to weigh on the British economy, with real wages down by 3% in the last quarter, according to figures from the Office of National Statistics and unemployment at 3.8%. Inflation in UK supermarkets hit 11.6% in the four weeks to August 7, according to research by Kantar.
Two large deals also boosted stocks, with Ted Baker (GB:TED) soaring 17.3% on news of its acquisition by Authentic Brands Group, and Darktrace (GB:DARK) gaining 23.8% on news of a takeover bid by U.S. private equity firm Thoma Bravo.
Business headlines in UK papers today: Record wage drop signals more cost of living pain for UK households (Financial Times)
Ted Baker: A story of ‘forced hugging’ and stock market turmoil (The Times)
Elon Musk says he is buying Manchester United (Telegraph)
