Oil majors lift FTSE 100, Ferguson jumps on Peltz stake

Credit: REUTERS/TOBY MELVILLE

London's FTSE 100 edged higher on Thursday as Ferguson surged to an eight-month high after activist investor Nelson Peltz bought into the plumbing products distributor, while oil majors recovered from steep losses in the previous session.

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FTSE 100 up 0.1%, FTSE 250 flat

Ferguson jumps after Nelson Peltz takes stake

Tesco, M&S slips on main index

Just Group surges ahead of AGM

June 13 (Reuters) - London's FTSE 100 edged higher on Thursday as Ferguson surged to an eight-month high after activist investor Nelson Peltz bought into the plumbing products distributor, while oil majors recovered from steep losses in the previous session.

The FTSE 100 .FTSE inched 0.1% higher, while the mid-cap FTSE 250 .FTMC was roughly flat by 0725 GMT.

Ferguson FERG.L jumped 5.5% to the top of the main index after Peltz's Trian Fund disclosed a stake of almost 6% and said it would work with the company, formerly known as Wolseley, to explore initiatives to create long term value for shareholders.

Oil stocks provided the biggest boost to the index as crude prices rebounded after slipping more than 3.5% on Wednesday. O/R

But stock market gains were limited by a 1.6% drop in Tesco TSCO.L shares after Britain's biggest retailer said its underlying sales growth slowed in the latest quarter.

Peer Marks and Spencer MKS.L gave up 2.3% after the clothing and food retailer said it received valid acceptances of roughly 85.14% shares for a rights issue.

Just Group JUSTJ.L climbed 10% on the mid-cap index. The specialist pension provider said in a statement ahead of its annual general meeting that it was focused on delivering "capital self-sufficiency" by 2022.

(Reporting by Shashwat Awasthi in Bengaluru Editing by Saumyadeb Chakrabarty)

((Shashwat.Awasthi@thomsonreuters.com; within U.S.+1 646 223 3403; outside U.S. +91 80 6749 3403; Reuters Messaging: shashwat.awasthi.thomsonreuters.com@reuters.net))

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