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FTSE 100 gains on HSBC boost; M&A activity pushes mid-caps to record highs
Published at 02/08/2021 at 08:31

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* FTSE 100 up 1.0%, FTSE 250 adds 1.5%

Aug 2 (Reuters) - London's FTSE 100 rose on Monday, led by HSBC after its first-half profit more than doubled, while a host of merger and acquisition activity helped push mid-cap stocks to record highs.

HSBC Holdings gained 1.3% and was the top boost to the blue-chip index after it reported forecast-beating first-half pretax profit that more than doubled from last year when it made huge provisions for pandemic-related bad loans.

The FTSE 100 rose 1%, led by banks , oil stocks and base metal miners .

The domestically focussed mid-cap index climbed 1.5%, led by Meggitt and Sanne Group on takeover deals.

British engineering group Meggitt surged 59.8% after U.S. industrial firm Parker-Hannifin said it agreed to buy the firm in a deal valuing it at 6.3 billion pounds.

UK asset manager Sanne Group Plc was the second-biggest gainer on the mid-cap index, up 8.4%, after it said it might get a $2 billion takeover bid from Apex.

(Reporting by Shashank Nayar in Bengaluru; Editing by Subhranshu Sahu)

((Shashank.Nayar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256;))

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