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Anglo American boosts London's FTSE 100 to near record high

3rd May 2024

By: Reuters

  

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Britain's FTSE 100 opened near record highs on Friday, boosted by Anglo American after Reuters reported Glencore is exploring an approach for the miner, while Diageo advanced after naming a new chief financial officer.

The blue-chip FTSE 100 was up 0.3% by 0709 GMT, a whisker away from a record high, and is set for a second straight week of gains.

Anglo American jumped 3.2% after Reuters reported that Glencore was mulling an approach for the 107-year-old miner, a move that could spark a bidding war.

"Investors are salivating at the possibility that there will be this massive bidding war for Anglo American. All miners now are looking at copper, thinking about how much demand has surged, and they're looking to have the lion's share of the market," said Danni Hewson, head of financial analysis at AJ Bell.

Glencore, on the other hand, was the top loser on the benchmark index, down 1.3%.

The industrial metal miners index .FTNMX551020 rose 0.3% on the news.

Diageo gained 1.1% after the global drinks group named Nik Jhangiani as its CFO.

Tech titan Apple added to the upbeat mood seen in Asian stocks after the iPhone maker announced a $110-billion share buyback programme.

The mid-cap FTSE 250 .FTMC was flat.

Domestic PMI data for April, Euro zone's unemployment rate for March, and US nonfarm payrolls data for April will be on investors' radar later in the day.

Edited by Reuters

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