FTSE edges higher; Citi upgrade boosts Hikma

Britain’s top share index rose on Friday, extending the previous session’s gains and moving further from a five-month low.

Shares in Hikma Pharmaceuticals rose 5 per cent to lead the gains by the FTSE 100, after Citi raised its rating on the stock to “buy’’ from “neutral’’.

Ashtead Group advanced 2.2 per cent to 1,124 pence as Exane BNP Paribas upgraded the stock to “outperform’’ from “neutral’’ and raised its price target by 8 per cent to 1,300 pence, traders said.

Telecoms provider

Colt Group surged 20 per cent after its largest shareholder, Fidelity, offered to buy out other shareholders. The all-cash bid values the mid-cap company at about £1.72 billion ($2.73 billion).

The FTSE 100 was up 0.2 per cent at 6,721.27 points by 0816 GMT after gaining 0.4 per cent on Monday, when it recovered in late trading after reaching a five-month low. However, the index, down 1 per cent this week, headed for its fourth straight week of losses.

“I would not expect this bounce to develop into anything significant,’’ Augustin Eden, analyst at Accendo Markets, said. “Greek concerns are still keeping a lid on significant gains.’’

Euro zone leaders will hold an emergency summit on Monday to try to avert a Greek default. Bank withdrawals accelerated in Greece and government revenue slumped as Athens and its creditors remain deadlocked over a debt deal.

On Friday, Greek Prime Minister Alexis Tsipras said in a statement there would be a solution to that would allow the country to return to growth while staying in the euro zone.

Gains were also capped by a fall in mining shares. The UK mining index fell 0.3 per cent after copper, aluminium and zinc prices fell 0.8 to 1.2 per cent. Rio Tinto, Anglo American, Antofagasta and BHP Billiton were down 0.2 to 0.7 per cent.