Vodafone jumps as Iliad offers to merge Italian units
Entain gains on Jefferies upgrade
FTSE 100 rises 0.4, FTSE 250 up 0.2
Dec 18 Reuters The UK39;s FTSE 100 advanced on Monday as heavyweight energy stocks rose, tracking strength in crude oil prices, while Vodafone39;s shares topped the index after telecom firm Iliad submitted a proposal to create a joint venture in Italy.
The bluechip FTSE 100 gained 0.4 as of 0926 GMT, while the more domesticallyfocussed FTSE 250 midcap index also gained 0.2.
Vodafone jumped 6.2 after Iliad said it submitted a proposal to the telecom company to merge their Italian businesses.
Heavyweight energy stocks added 0.8, tracking a jump in crude oil prices.
On the downside, precious metal miners fell 1.3 as Fresnillo lost 7.1 after Morgan Stanley downgraded its rating to underweight from equalweight.
Looking ahead, data due this week includes inflation readings in the UK, euro zone, and the U.S., along with GDP estimates from Britain and the U.S.
The FTSE 100 is extending three consecutive weeks of gains, which came on the back of hopes that the U.S. Federal Reserve could consider cutting interest rates soon.
Tempering some of those expectations, Atlanta Fed President Raphael Bostic pushed back late on Friday saying the U.S. central bank can begin reducing interest rates sometime in the third quarter of 2024 if inflation falls as expected.
His comments came after New York Fed President John Williams also pushed back against ratecut…