London stocks start week on strong footing, though John Wood tanks

UK's FTSE 100 opened higher on Monday, aided by gains in lenders and precious metal miners, but mid-cap oilfield services and engineering firm John Wood Group logged its worst day ever after Apollo Global walked away from a potential deal.

The blue-chip FTSE 100 rose 0.5% up, extending gains from the previous session after data showed the domestic economy grew slightly in the first quarter of the year. Banks were the biggest boost to the top index, adding 1.0% and precious metals miners were up 1.3% tracking gains in bullion prices.

The domestic-focussed mid-cap index rose 0.2% by 0716 GMT, however, John Wood Group slumped 35.8% after the U.S. private equity firm said that it does not intend to make a takeover offer for the oilfield services provider. Currys PLC jumped 5.5%, logging its best day in over a month after the electricals retailer raised its profit outlook for 2022-23 after better-than-expected trading in its home market in the final two months of the year.

The retail sector housing the stock added 1.0%.

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