FTSE 100 Live: Index Opened 16 Points Higher at 10,478 Following Tepid US Jobs Data, Brent Fell 0.81%

The FTSE 100 opened 16.19 points higher at 10,478.15 after weaker-than-expected US jobs data reduced bets of another Federal Reserve interest-rate hike. Brent crude futures fell 0.81% to USD 101.4 per barrel. US West Texas Intermediate (WTI) declined 1.58% to USD 89.67 per barrel. 

Sterling faded to USD 1.3207 early Monday, from USD 1.3233 at the time of the London equities close on Friday. Against the euro, it rose to EUR 1.1800 from EUR 1.1750.

Gainers & Losers

On the upside, Ithaca Energy gained 2.32% to 281.80p, while BT Group advanced 1.83% to 199.90p. Metlen Energy & Metals rose 1.77% to €49.46, and London Stock Exchange Group climbed 1.46% to 8,208p. Haleon added 1.31% to 332.60p, while Airtel Africa gained 1.17% to 311.20p.

On the downside, 3i Group fell 3.48% to 2,466p, while IG Group Holdings dropped 3.08% to 959.50p. Whitbread declined 1.27% to 2,409p, and Halma slipped 1.11% to 3,560p. Games Workshop Group edged 0.29% lower to 17,140p, while Next fell 0.24% to 14,330p.

Ithaca Energy to Acquire Suncor

Ithaca Energy stock rallied after the company announced a deal to acquire a portfolio of conventional offshore oil assets from Suncor Energy.

The transaction, valued at USD 860 million in upfront cash plus contingent consideration of up to USD 250 million, transfers to Ithaca a 48% operated interest in the Terra Nova field and non-operated interests in the White Rose fields.

The acquired assets are expected to add 103 million barrels of oil equivalent in proved and probable reserves and deliver average production of approximately 30,000 boe/d between 2027 and 2031.

BT Acquired TalkTalk

Broadband giant BT has snapped up telecommunications firm TalkTalk. The group said it had acquired TalkTalk and its wholesale arm PlatformX Communications (PXC) out of administration on a debt-free basis. 

The deal is estimated to take a GBP 400 million bite out of BT’s bottom line, from transaction fees, working capital, a GBP 60 million trading loss, and GBP 100 million in uncollected Openreach revenues. 

It will provide ‘immediate reassurance’ for TalkTalk employees and its 1.5 million retail customers and 1 million wholesale users across the UK, said BT.

Lidl Profit Rises

Lidl increased its profit and revenue last year after attracting an extra 43 million shopping trips. Lidl said on Monday it has set out a ‘significant increase in investment’ in its Lidl Plus scheme, driving a 23% increase in users in the year to February.

The discount grocer widened its operating profit by 10% to GBP 345 million, as revenue jumped by 10.8% to GBP 13 billion in the year to February.

Also Read: Nifty 50 Opens 110.45 Points Higher, Sensex Climbs to 72,340 Ahead of RBI Meeting

Global Market View

On Friday, in the US, stocks rose to close out the week, with the Dow adding 250 points, or 0.5%, to close at 51,176.46, while the S&P 500 climbed 0.7% to 7,722.72. The tech-heavy NASDAQ Composite rallied 1.2% to 27,190.86.

In Asia on Monday, Tokyo's Nikkei 225 gained 2.4% to 68,946.86, while China’s Shanghai Composite advanced 0.31%. Hong Kong’s Hang Seng fell 0.020%, and South Korea’s Kospi edged up by 0.46%. In India, both the Nifty 50 and the Sensex rose by 0.17% and 0.19%, respectively.