FTSE 100 Rises as NatWest Shares Climb; FTSE 250 Moves Higher But Pinewood Technologies Plunges

The FTSE 100 is up 0.2% on Monday, while the FTSE 250 has climbed 0.3% as the mid-cap index attempts to push out of its recent consolidation range.

Broader European sentiment is also steady, with the DAX up 0.1% and the CAC 40 advancing 0.3%.

Investors are positioning ahead of a heavy run of UK data releases, with unemployment figures due Tuesday, inflation on Wednesday and retail sales on Friday.

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NatWest Group led the blue-chip risers, climbing 3.8%. Babcock and Melrose also made strong gains, rising 3.4% and 3%, respectively. On the downside, Mondi fell 3%, while Barratt Redrow and Rio Tinto slipped 2.4% and 1.8%, respectively.

In dealmaking news, Zurich has been given more time to decide whether it will make a formal offer for London-listed specialist insurer Beazley.

The companies said Zurich’s previous February 16 deadline to either submit an offer or walk away has been extended to 5 p.m. on March 4 as discussions continue. Zurich agreed a deal in principle nearly two weeks ago, valuing Beazley at roughly £8 billion.

In the FTSE 250, Funding Circle shares jumped 4.8% to top the mid-cap leaderboard. At the other end, Pinewood Technologies plunged 29.3% after Apax Partners said it does not intend to make an offer for the company, citing challenging market conditions.

Pinewood’s board said it remains confident in the group’s long-term prospects, pointing to its strong position in providing embedded technology to automotive retailers and manufacturers.