FTSE 100 rebounds in China’s optimism; THG bid method surges on rejection

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The UK’s FTSE 100 rebounded on Friday, with China tracking an uptrend in Asian markets after a key debt reduction, while e-commerce companies rose shares of THG after rejecting an offer from two investment groups.

The blue-chip FTSE 100 index rose 1.3% at 0708 GMT, while the domestically focused FTSE 250 index added 0.7%. Nevertheless, both indices were on the verge of weekly losses.

Oil and gas and banking stocks were the top boosts in the FTSE 100, while China lowered a key debt benchmark by a sharp-expected 15 basis points to support a slowing economy.

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Meanwhile, data showed that British retail sales rose unexpectedly in April, but consumer spending outlooks declined sharply as the crisis of living intensified.

Earlier in the day, the GfK survey, the longest measure of consumer confidence in the UK, fell to its lowest level since the record began in 1974.

Shares of THG rose 30.5% after the company rejected offers of 170 pence per share from Bellerian Capital and King Street Capital Management, and local entrepreneur Nick Candy considered a bid.

M&C Saatchi jumped 26.1% after independent executives agreed to sell the advertising company on the advice of Next Fifteen Communications, saying it offered a higher result from its largest shareholder.

(Reporting by Shruti Shankar in Bangalore; Edited by Sherry Jacob-Phillips)

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