10.07.202616:03:03UTC+00FTSE 100 Rises Led by Vodafone

The FTSE 100 advanced on Friday as markets stabilised following a turbulent week dominated by renewed tensions in the Middle East. Vodafone shares leapt nearly 13% after French billionaire Xavier Niel agreed to acquire Emirates Telecommunications’ stake, becoming the company’s largest shareholder. Strength in mining stocks also underpinned the index, with firmer metals prices pushing Rio Tinto up 0.9% and Anglo American 0.8%.

In the FTSE 250, EasyJet rallied after private equity group Apollo agreed to buy the airline for £7.15 per share in a deal valued at about £5.7 billion, topping a competing bid from Castlelake.

Weighing on the market, St James’s Place slid more than 8% following reports that a major advice firm intends to leave the wealth manager, fuelling worries over adviser retention. AstraZeneca also declined by over 3%, extending its recent losses after a failed drug trial.

Despite Friday’s rebound, the FTSE 100 ended the week down 1.7%, snapping a two-week winning run.