HSBC Holdings PLCAllianz acquires HSBC's Singapore life insurance business for $2.1B, boosting HSBC shares.
The FTSE 100 index on the London stock market closed up 0.91% on Friday, supported by a surge in HSBC shares and financial stocks. The index closed at 10,736.23 points, up 97.06 points, marking its second consecutive weekly gain. HSBC shares rose 1.7% after Allianz agreed to acquire HSBC's life insurance business in Singapore for 2.7 billion Singapore dollars, or 2.1 billion US dollars. Meanwhile, 3i Group shares climbed 3.1% after UBS raised its price target to 3,200 pence per share from 2,900 pence per share. Energy stocks fell 1.1%, with BP down 1.6% and Shell down 0.9%, amid escalating conflict in the Middle East.
HSBC Holdings PLCAllianz acquires HSBC's Singapore life insurance business for $2.1B, boosting HSBC shares.
3I Group PLCUBS raises price target on 3i Group to 3,200p from 2,900p, driving shares up 3.1%.
Allianz SE VNA O.N.Allianz is the acquirer of HSBC's Singapore life insurance business for $2.1B.
UBS Group AGUBS raises price target on 3i Group, reflecting positive analyst view.
BP PLC
Shell plc