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Wednesday,08 May 2024 at 16:00

UK and European markets closed higher as investors digested more earnings reports in the region.

The dollar gained as investors continued to bet on the U.S. economy outperforming peers and was higher for the third day against the Japanese yen.

Oil prices fell after market sources said that data from the American Petroleum Institute showed an increase in U.S. crude and fuel stockpiles, an indicator of weak demand.

Gold dipped slightly, as a stronger dollar weighed on prices, while investors awaited U.S. data for clues on potential rate cuts by the Federal Reserve.

Wood Group surged on Wednesday after saying it had rejected a 205p a share takeover proposal from Dubai-based engineering and consulting company Sidara, valuing it at more than £1.4bn.

Responding to press speculation, Wood Group said the proposal was received on 30 April.

"The board carefully considered the proposal, together with its financial advisers, and concluded that it fundamentally undervalued Wood and its future prospects," it said. "Accordingly, the board rejected the proposal unanimously on 8 May 2024." 

At the close
FTSE 100 8,354 +0.49%
FTSE 250 20,491 +0.39%
DAX 18,488 +0.31%
At 16:55
Dow Jones 38,956 +0.19%
S&P 500 5,183 (-0.09%)
NASDAQ 16,289 (-0.26%)
Fixed Income
UK 10-YR YIELD 4.143
Exchange Rates
GBP/USD 1.250
GBP/EUR 1.162
Gold $2,319 +0.24%
Brent $83.67 +0.90%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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