Market Report

London stocks rose slightly on Friday as investors considered various UK data releases, with attention on deal news.

Data previously released by the Bank of England indicated that mortgage approvals reached a two-year peak in October as the housing market showed signs of recovery. According to the latest Money and Credit report from the Bank of England, net mortgage approvals for house purchases—a key indicator of future borrowing—climbed to 68,303 in October, marking the highest level since August 2022. This represents the fourth consecutive monthly increase and significantly exceeded expectations. A Reuters survey of economists had predicted a decline to 64,500.

Wall Street stocks saw gains early on Friday as the Dow Jones was on track for its best monthly performance this year. Tech stocks were notable at the open on Friday, with Nvidia and Meta Platforms both recovering from pre-market losses.

Gold prices increased on Friday, bolstered by a decrease in the dollar and heightened geopolitical tensions. However, they remained poised for their largest monthly decline in over a year after Donald Trump’s U.S. election victory.

Similarly, oil prices experienced a rise on Friday due to a potential resurgence of supply risks as Israel and Hezbollah exchanged accusations of ceasefire violations. Additionally, a delay in the OPEC+ meeting left investors anticipating a decision regarding its output policy.

In corporate developments, Spire Healthcare experienced gains following a report in the Economic Times indicating that India's Narayana Health is engaged in discussions with Spire's shareholders regarding the acquisition of a controlling interest.

Citing sources familiar with the situation, the Economic Times reported that Narayana Health intends to acquire at least 51% of Spire through an open offer. Additionally, should Narayana succeed in obtaining approximately 75%, it may consider delisting the company.