On Wednesday, London’s domestically-oriented midcap FTSE index experienced an uptick, driven by a surge in real-estate stocks, particularly following Segro’s rejection of a $16.6 billion bid from the U.S.-based Prologis.

The blue-chip FTSE 100 index was flat by 0755, while the midcap FTSE 250 edged up 0.1%.

• The FTSE 350 real-estate investment trusts index experienced a notable increase of 6%, while the real-estate sector saw a gain of 5.3%. Both Harworth and Tritax recorded an uptick of 5.6% each.
• Segro jumped 15.6% and was the top gainer on the FTSE 100 as Prologis urged the UK company’s shareholders to press the landlord’s board to engage with the U.S. logistics firm. Prologis contended that the FTSE 100 company is undervalued.
• Local politics is currently under scrutiny following Prime Minister Keir Starmer’s resignation earlier this week, which has set the stage for a leadership contest. This contest could potentially culminate in former Greater
• Manchester Mayor Andy Burnham assuming the role by July or September.
• On the macro front, traders are anticipating the Bank of England to lift borrowing costs by at least 25 basis points before the year ends, according to LSEG-compiled data, in an effort to combat inflation pressures stemming from the Middle East conflict.
• Policymakers like Alan Taylor have indicated that the appropriate response would be a “extended hold,” given the data suggesting a cooling labour market.
• Among others, British fund manager Liontrust jumped 12.2% after stating that net outflows in the current quarter have slowed as it expands globally and institutional clients are contributing more funds.
• Homebuilder Berkeley opens new tab rose 5.1% after announcing a strong demand outlook.
• Primary Health Properties gained 3% after announcing that it is in advanced discussions with an unnamed investor regarding a new joint venture involving the British healthcare REIT’s private hospital assets.