FTSE 100 up 0.5, FTSE 250 adds 0.3
Industrial support stocks lead gains
Rentokil surges after report of takeover interest
US economic data, corporate earnings on tap

July 22 Reuters London stocks rebounded on Monday amid broader gains as investors digested corporate updates and assessed the potential impact of U.S. President Joe Biden quitting the reelection race, while Rentokil surged after a report of takeover interest.

The bluechip FTSE 100 index was up 0.5, while the midcap FTSE 250 was up 0.3 by 0725 GMT.

Rentokil surged 12.3 to the top of the FTSE 100 after a report said that Philip Jansen, former chief of BT Group, is working on a private equitybacked takeover bid for the pestcontrol firm.

It drove the broader industrial support services sector 2.6 higher, which led gains. Most subsectors trended higher as the market recovered from Friday39;s declines.

On the other side, travel and leisure stocks slipped 1, weighed down by airlines like Wizz Air and IAG Group that fell between 35 after Irish peer Ryanair missed quarterly profit estimates.

Meanwhile, U.S. President Joe Biden abandoned his reelection bid on Sunday and endorsed Vice President Kamala Harris as the party39;s candidate to face Republican Donald Trump in the November election.

The SP 500 and Nasdaq futures edged higher following the news.

All eyes will now be on the gross domestic product and crucial inflation data out of the U.S., that could shed some more light on the Federal39;s Reserve…