London’s FTSE 100 was up 1.1% at 6,982.66 in afternoon trade on Tuesday.
Ladbrokes owner Entain surged after confirming it had received a takeover proposal from DraftKings, the consideration for which would include a combination of stock and cash.
Responding to press speculation, the company said there can be no certainty that any offer will be made nor as to the terms on which any such offer may be made.
The statement followed a report by CNBC suggesting that DraftKings was making a $20bn offer for the online sports betting company. Earlier this year, the Ladbrokes owner rejected an all-share offer from MGM Resorts worth $11bn, arguing that it significantly undervalued the company.
Pershing Square gained after a successful Amsterdam stock market debut for Universal Music Group, which it has a 10% stake in.
IAG was on the front foot again after it emerged on Monday that double-jabbed UK and EU travellers will be allowed into the US again from November.
Shell was also a high riser after announcing late on Monday that it was selling the entirety of its Permian Basin assets to ConocoPhillips for $9.5bn in cash.
DIY retail group Kingfisher was in the red after it said third quarter like-for-like sales to September 18 were down 0.6% year-on-year as it reported a surge in interim profits and revenue along with a £300m share buyback.
Compass was also weaker even as the catering group said its fourth-quarter performance was ahead of guidance as diners returned to sports and leisure venues and schools and colleges reopened.
FTSE 100 – Risers
Entain (ENT) 2,200.00p 14.85%
Pershing Square Holdings Ltd NPV (PSH) 2,715.00p 4.62%
International Consolidated Airlines Group SA (CDI) (IAG) 172.12p 3.57%
Royal Dutch Shell ‘B’ (RDSB) 1,479.60p 3.43%
BT Group (BT.A) 160.55p 3.38%
Ocado Group (OCDO) 1,728.50p 3.29%
Royal Dutch Shell ‘A’ (RDSA) 1,484.00p 3.29%
SEGRO (SGRO) 1,288.50p 3.04%
Coca-Cola HBC AG (CDI) (CCH) 2,506.00p 2.79%
Rolls-Royce Holdings (RR.) 118.74p 2.63%
FTSE 100 – Fallers
Kingfisher (KGF) 350.90p -4.65%
Compass Group (CPG) 1,463.00p -1.55%
Polymetal International (POLY) 1,331.00p -1.08%
Antofagasta (ANTO) 1,345.50p -0.66%
Schroders (SDR) 3,564.00p -0.53%
Lloyds Banking Group (LLOY) 43.00p -0.34%
Meggitt (MGGT) 737.80p -0.30%
B&M European Value Retail S.A. (DI) (BME) 594.40p -0.27%
Reckitt Benckiser Group (RKT) 5,914.00p -0.19%
Abrdn (ABDN) 245.80p -0.12%
