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UK's FTSE 100 rises as US averts default; Dechra at 2-week high

World

02-06-2023 | 04:05

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UK's FTSE 100 rises as US averts default; Dechra at 2-week high

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UK's FTSE 100 rose on Friday as investors adopted a risk-on mood following the U.S. Senate's decision to pass 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 (.FTMC) rose 0.7%, boosted by an 8.2% surge in Dechra (DPH.L) 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 (.FTSE) climbed 0.5%, tracking global investor mood higher, after the U.S. 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 (.FTNMX601010) and industrial metals miners (.FTNMX551020) added 1.3% and 2.2%, respectively, chiming with a recovery in commodity prices.

Still, the blue-chip FTSE 100 is poised for its second straight weekly drop, if losses hold. The mid-cap FTSE 250 is set for a marginal gain.

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