UK’s FTSE 100 rose on Friday as investors adopted a risk-on mood after the US passed a deal to avert a debt default, while shares of Dechra Pharmaceuticals hit a two-week high after the vet drugmaker agreed to be taken private.

The domestically-focused FTSE 250 rose 1.0%, boosted by an 8.2% surge in Dechra after it agreed to be bought by investment firm EQT for an equity value of 4.46 billion pounds ($5.62 billion).

The internationally-focused FTSE 100 climbed 0.7%, tracking global investor mood higher, after the US Senate passed legislation lifting the government’s $31.4 trillion debt ceiling, while hopes that the Federal Reserve might stand pat on rates also aided sentiment.

Export-focussed energy firms and industrial metals miners added 1.3% and 2.6%, respectively, chiming with a recovery in commodity prices.

“We have seen a little bit of a resurgence in the stock market over the past few days, mostly on the back of the US debt ceiling deal, which has a pushed investors back into the stock market,” said Daniela Hathorn, senior market analyst at Capital.com.

UK’s FTSE 100 is eyeing its second-straight weekly drop, on worries that further monetary tightening by the Bank of England could strain corporate earnings, with analysts flagging risks of possible stagflation.

The blue-chip FTSE 100 is set for a 1.2% weekly drop, if losses hold, and the mid-cap FTSE 250 is set for gain of 0.9%.

UK’s FTSE 100 kicks off week on caution; WPP shines on AI partnership

Among other movers, Pelatro Plc jumped 30.8% after the marketing firm won a contract for campaign management solution by a middle east-based telecommunication firm.

Aviva Plc added 1.0% after the insurer and asset manager said it has completed its 300 million pounds ($378.6 million) share buyback programme.

Centrica Plc shed 0.8% after asset manager Abrdn Plc said it would vote against remuneration report at the utility’s annual general meeting.