The FTSE 100 reached a new record high following a significant jump in Anglo American shares, spurred by a takeover proposal from BHP Group.
Anglo American’s shares climbed 12.7% to a nine-month peak after BHP announced its intention to acquire the London-listed miner, placing its value at £31.1 billion.
This acquisition would position the combined entity as the largest copper miner globally, controlling about 10% of the worldwide production. Despite this, BHP’s UK-listed shares dropped by 3.7%.
Additionally, the FTSE 350 industrial metal miners index increased by 2.9%, and the elite FTSE 100 index rose by 0.7% to a new high of 8,098.14, while the mid-cap FTSE 250 declined by 0.6%.
In other market movements, AstraZeneca’s shares surged 5.7% after the pharmaceutical company reported quarterly revenues and profits that exceeded market expectations, driven by strong demand for its oncology and rare blood disorder treatments.
Unilever also saw a boost, with shares up 4.1% following a report of first-quarter sales growth of 4.4%, surpassing forecasts as it regained customers who had previously shifted to less expensive alternatives.
Barclays shares increased by 3.1% even though it reported a 12% decrease in first-quarter profits.
