Oil majors lift FTSE 100, Ferguson jumps on Peltz stake

  • Reuters
  • Stock Market News
Oil majors lift FTSE 100, Ferguson jumps on Peltz stake
Credit: © Reuters.

* FTSE 100 up 0.1%, FTSE 250 flat

* Ferguson jumps after Nelson Peltz takes stake

* Tesco , M&S slips on main index

* Just Group surges ahead of AGM

June 13 (Reuters) - London's FTSE 100 edged higher on Thursday as Ferguson surged to an eight-month high after activist investor Nelson Peltz bought into the plumbing products distributor, while oil majors recovered from steep losses in the previous session.

The FTSE 100 .FTSE inched 0.1% higher, while the mid-cap FTSE 250 .FTMC was roughly flat by 0725 GMT.

Ferguson FERG.L jumped 5.5% to the top of the main index after Peltz's Trian Fund disclosed a stake of almost 6% and said it would work with the company, formerly known as Wolseley , to explore initiatives to create long term value for shareholders. stocks provided the biggest boost to the index as crude prices rebounded after slipping more than 3.5% on Wednesday. O/R

But stock market gains were limited by a 1.6% drop in Tesco TSCO.L shares after Britain's biggest retailer said its underlying sales growth slowed in the latest quarter.

Peer Marks and Spencer MKS.L gave up 2.3% after the clothing and food retailer said it received valid acceptances of roughly 85.14% shares for a rights issue. Group JUSTJ.L climbed 10% on the mid-cap index. The specialist pension provider said in a statement ahead of its annual general meeting that it was focused on delivering "capital self-sufficiency" by 2022.

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