U.K. stocks rose Wednesday, with Smith & Nephew PLC rising at the start of the half-day trading session on a report of a takeover bid.
The FTSE 100 UKX, +0.22% rose 0.3% to 6,615.09, moving toward its seventh consecutive win. The last run of seven straight wins took place in February.
Shares of Smith & Nephew PLC SN., +6.52% topped the FTSE 100 on Wednesday as they climbed 7.4%. That added to Tuesday’s more than 4% rise, which followed a Bloomberg report that U.S. surgical-implants maker Stryker Corp. SYK, +1.71% is preparing a bid for the medical-devices maker. An offer may be presented in the coming weeks, and may represent a significant premium to Smith & Nephew’s current share price.
Oil shares were also advancing, outperforming a pullback in oil futures, with Brent crude LCOG5, -1.51% off 0.6%, but still above $61 a barrel. Tullow Oil PLC TLW, +1.16% rose 2%, BP PLC BP., +1.20% gained 1.4%, and Royal Dutch Shell PLC RDSB, +0.79% tacked on 0.6%.
Source: Market Watch