London stocks opened higher, Rio Tinto slips on acquisition plan
(Reuters) – UK shares rose on Wednesday, rebounding from a one-month low in the previous session, although Rio Tinto slipped after announcing it would buy Arcadium Lithium.
The blue-chip FTSE 100 moved 0.4% higher by 07:15 GMT, while the mid-cap FTSE 250 was up 0.2%.
A majority of the sectoral indexes traded in the green, led by a 1.2% rise in construction and materials stocks.
Among individual stocks, Rio Tinto’s UK-listed shares slipped 0.7% after the Australian miner said it would buy Arcadium Lithium in a $6.7 billion all-cash deal to become the world’s third-largest lithium producer.
Mondi gained 3% after the paper and packaging firm agreed to buy Schumacher Packaging’s German, Benelux and UK packaging assets for 634 million euros ($695.6 million), including debt, to expand in Western Europe.
CMC Markets advanced 5.7% after the trading platform forecast a 45% rise in first-half net operating income, buoyed by cost cuts and sustained levels of trading activity.
