The FTSE ended the week looking very healthy indeed – its best week since July. It was up 22.66 points to 6,954.21 bolstered by a Sky surge.
US media firm 21st Century Fox tabling a takeover bid for Sky of £10.75 per share in cash, prompted shares to rise sharply. Sky’s share price shot up some 30 per cent off the back of the news and ended nearly 27 per cent higher at £10.
The company said in a statement: “The Independent Directors of Sky PLC note today’s share price increase and announce that Sky has received an approach from 21st Century Fox, Inc.”
Mediclinic International was also a notable climber for the day, up 4.6 per cent.
The week-long boost (up more than three per cent) had been propelled by financial stocks, which rose across Europe in the aftermath of the Italian constitutional referendum didn’t cause as much damage as had been expected.
The bank rally did lose some of its fire at the end of the week though, with Barclays, Lloyds and Prudential all drooping somewhat. A decision by the Financial Conduct Authority to delay a deadline on payment protection insurance (PPI) complaints put some pressure on banks.
The European Central Bank extended its stimulus programme yesterday.
Capita shares had slumped in the wake of a profit warning, blaming Brexit indecision among clients and it was still looking blue on Friday, lingering at the bottom of the FTSE 100. The stock has fallen more than 19 per cent in two days.
The pound dipped ever so slightly 0.08 per cent against the dollar to $1.2577, but was up 0.63 per cent against the euro at €1.1933.