FTSE 100 extends gains, Micro Focus soars on buyout deal

The domestically-focussed FTSE 250 index rose 0.6% but was also heading for a sharp weekly decline. Micro Focus International Plc soared 92.7% to hit more than one-year highs, after Canadian software company OpenText said it would be acquiring the enterprise software maker in an all-cash deal of $6 billion including debt.

UK's blue-chip index extended gains on Friday, boosted by commodities and banking sectors, while shares of software firm Micro Focus soared more than 90% to lift the midcap index after a $6 billion buyout deal. The FTSE 100 index rose 0.6% by 0717 GMT, but was set for its first weekly decline in six.

UK's industrial metal and mining index rose 1.6%, as hopes of fresh stimulus in China aided copper and other metal prices. Anglo American climbed 2.2% after its Chile chief executive officer resigned and major copper producer Peru abandoned a plan to hike taxes on the mining industry.

Drugmaker GSK gained 1.7%, after Citigroup said it was on "a positive catalyst watch" following the Zantac legal developments that could materially reduce its exposure, compared to the $17 billion that is discounted. GSK's recently spun-off consumer health unit Haleon jumped almost 3%. The domestically-focussed FTSE 250 index rose 0.6% but was also heading for a sharp weekly decline.

Micro Focus International Plc soared 92.7% to hit more than one-year highs, after Canadian software company OpenText said it would be acquiring the enterprise software maker in an all-cash deal of $6 billion including debt.

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