U.K. Stocks Little Changed Amid Deals; Banks Drop, Miners ClimbNamitha Jagadeesh
U.K. stocks were little changed amid deal activity, as losses in banks offset gains in commodity shares.
Smiths Group Plc jumped 4.4 percent after people familiar with the matter said ValueAct Capital Management bought a stake in it. Meggitt Plc jumped 7.9 percent after the defense company posted a profit increase and its chief executive officer said it has been a takeover target for years. Shire Plc slid 5.9 percent after making an unsolicited bid to buy Baxalta Inc.
The FTSE 100 Index lost less than 0.1 percent to 6,686.57 at the close in London, after posting its best monthly gain in three in July. Barclays Plc led banks lower on Tuesday, falling 2.1 percent. BHP Billiton Ltd. and Rio Tinto Group, the world’s biggest miners, rose at least 1.5 percent as copper climbed.
The broader FTSE All-Share Index and Ireland’s ISEQ Index were also little changed.
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