LONDON MARKET CLOSE: Year-End Rally In Sight As Oil Propels FTSE 100

LONDON MARKET CLOSE: Year-End Rally In Sight As Oil Propels FTSE 100

DNO launches hostile takeover bid for Faroe

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General Motors shares are nearly 6 per cent higher after the company announced an aggressive restructuring plan.

FTSE joins European bounce led by oil, financials; Vodafone rallies

The US group said it will stop production at seven plants next year in a move to make cost savings of $6billion.

FTSE LIVE: UK stocks jump; Oil rallies after Fridays rout

A super-charged, and much-needed, positive open from the Dow Jones kept Europe’s chunky gains intact as Monday went on, says SpreadEx analyst Connor Campbell.

The FTSE added 75 points, taking it back towards 7030 as investors continued to make the most out of reports of thawing relations between the EU and Italy. 

The pound, meanwhile, remained uncertain about what to do. With a Brexit deal agreed, but far from confirmed, and Theresa May giving her Commons statement on the EU Brexit summit, the pound saw its gains against the dollar dwindle to 0.1%, while it sat flat against the euro. 

Flybe shares are flying high again as there is talk of a bidding war for the struggling airline.

According to a report in The Sunday Telegraph, IAG has joined Virgin Atlantic in looking to snap up the business.

WPP is to merge its J Walter Thompson and Wunderman agencies in an effort to simplify its business. 

JWT’s customers include HSBC, Unilever, Rolex, Nestle and others, while Wunderman works with Microsoft, Investec and Danone.

New York-based JWT is one of the world’s best known advertising agencies, behind the Andrex puppy ads and jingles for Toys R Us.

WPP is restructuring after clients complained that with 130,000 people in 112 countries it had become too difficult to do business with. It has cut forecasts and lost major clients, sending its shares down 35 per cent in the year to date.

Retailers like Walmart and Target have given US markets a boost today with Wall Street seeing gains after the bell on so-called Cyber Monday. 

The Rugby Football Union (RFU) bemoaned challenging times and growing uncertainty today as it reported full-year losses of £30.9million and laid off 54 members of staff. 

A 12 month-period that saw England’s form decline on the pitch coincided with a £12.5million drop in income.  

Chief executive Steve Brown, who revealed plans to step down earlier this month, insisted today that the move was for his own reasons and not linked to the firms weak financial performance. 

RFU chairman Andy Cosslett said that after seven years of revenue growth in a buoyant market, the situation is changing and market conditions have been getting tougher.

The competition watchdog has raised concerns over the penned $2.2billion merger between US firm PayPal and Swedish rival iZettle.

The Competitions and Markets Authority (CMA) said: PayPal could face insufficient competition in the UK after acquiring its market-leading rival, as it refereed the deal for an in-depth Phase 2 investigation. 

Shares in Faroe Petroleum have soared 25 per cent today to £1.57 on news of a takeover bid by Norwegian rival DNO.

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