The FTSE 100 index fell by 39 points to 10,477, despite official data showing a 0.8% growth in UK GDP over a three-month period. The market saw a surge in M&A activity, with takeover bids agreed upon for Rotork, Gooch & Housego, and Ramsdens, while Railpen increased its proposal for IP Group PLC. Additionally, Frasers Group is exploring appointing its CEO Michael Murray to lead Hugo Boss as it pursues a takeover of the German fashion house.
The UK index reached 10,948 points following industrial upgrades and strong results from Shell and Lloyds amid steady interest rates.
Read the full storyThe UK's blue-chip index reached an all-time high as rising energy prices and robust corporate reports boosted investor confidence.
Frasers Group is exploring installing its CEO Michael Murray at the helm of Hugo Boss as part of its ongoing takeover strategy.
The largest shareholder in IP Group submits improved proposals including Oxford Nanopore shares to break the board deadlock.
The London benchmark fell 39 points as heavyweights declined, overshadowing a 0.8% quarterly GDP expansion and a flurry of mid-cap takeover agreements.