LONDON: British midcaps rose on Wednesday, boosted by solid earnings updates from companies including Marks & Spencer and Softcat, while Vectura Group topped the mid-cap index after agreeing to a takeover by The Carlyle Group.
The domestically focused mid-cap index advanced 0.9%, helped by consumer discretionary and industrials stocks.
Vectura Group surged 33.8% to the top of the index, after the pharmaceutical company focused on inhaled medicines agreed to a 958 million pound ($1.36 billion) takeover by global investment firm The Carlyle Group.
Marks & Spencer climbed 8.5% after the retailer said it was making progress with its turnaround plan, had traded well in the early weeks of the 2021-22 year and that profits would recover.
The blue-chip FTSE 100 index was flat, with banks, including HSBC, Prudential Financial, Standard Chartered Plc falling between 0.6% and 1.9%.
The FTSE 100 index has gained 8.6% year-to-date on optimism that speedy vaccine rollouts and constant policy support from the government would drive a stronger recovery from a pandemic-led recession.
Among other stocks, Softcat added 6.9% after the IT services and consulting firm said it expected annual results ahead of expectations.
Specialty chemical maker Croda International climbed 2.6% after Goldman Sachs upgraded the stock to “buy” from “sell”.
Spire Healthcare Group jumped 26.9% after it agreed to a takeover offer from Australian hospital operator Ramsay Health Care for about 1 billion pounds ($1.41 billion).
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