* FTSE 100 up 1 pct, at 5-month high
* FTSE 250 about flat
* Worldpay's London shares jump after buyout deal
* Financial stocks up on M&A
* Hunting up on rating upgrade
(Adds news items, updates share moves)
By Muvija M and Shashwat Awasthi
March 18 (Reuters) - London's exporter-heavy FTSE 100 surged to a
five-month high on the back of a drop in sterling after Britain's
parliament speaker struck a fresh blow to Theresa May's EU divorce
deal, while a rally in miners and oil stocks also lent support.
The FTSE 100 added 1 percent - its biggest one-day rise since
early February - to mark a sixth straight session of gains while
midcaps ended roughly flat as a weaker pound weighed.
Parliamentary speaker John Bercow said any proposal British Prime
Minister Theresa May puts to lawmakers must be substantially different
to the ones previously rejected by them.
"The government now faces the total ruin of its strategy, as
a third ‘Meaningful Vote’ (a term that becomes less meaningful with
each vote) is ruled out unless changes are made," said Chris
Beauchamp, analyst at IG.
Bercow's comments aggravated Brexit jitters as May has just a few
days to push her divorce deal through if she wants to go to an EU
summit on Thursday with something to offer them in return for more time.
Sterling slipped in response to the chaotic turn of events,
although that boded well for FTSE 100, which books a big chunk of its
earnings in the greenback.
British American Tobacco jumped nearly 3 percent while smaller
peer Imperial Brands and pharmaceutical giants GlaxoSmithKline
and AstraZeneca all rose.
On the main index, Shell and BP were among the top boosts on
higher crude prices, while miners jumped 2.4 percent on their best
day in nearly two months, tracking gains in iron ore futures on supply
concerns after Vale's output cuts.
Both UK indexes enjoyed a strong run last week on hopes that a
potentially disruptive no-deal Brexit would be averted, but the more
domestically-focussed midcaps ended their winning streak on Monday.
News-related moves were scant but buyout bids boosted banks.
German giants Deutsche Bank and Commerzbank
confirming that they were in talks about a merger boosted financial
stocks to levels not seen since last October.
In the broader financial sector, London-listed shares in payment
processor Worldpay also surged 9.3 percent after the UK-based group
agreed to be bought over by U.S. fintech group Fidelity National
Information Services for about $35 billion.
Bank stocks are also on a six-day winning streak with a no-deal
Brexit on March 29 seemingly off the table.
Footasylum shot up 74.2 percent to 81 pence, inching near the
82.5 pence a share offered by larger JD Sports
for the sportswear retailer. JD Sports added 1.1 percent.
Oilfield services provider Hunting rose 4 percent on the FTSE
250 index after UBS hiked its rating on stock.
(Reporting by Muvija M and Shashwat Awasthi in BengaluruEditing by
Mark Heinrich, William Maclean)
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