Metro Bank’s shares jump

Shares in Metro Bank rose 2.23% on Friday after it acquired a portfolio of UK mortgages from Cerberus for £596.7m.

The purchase is being financed using cash from existing resources and being acquired at a discount to par.

The underlying portfolio consists of about 92% buy to let mortgages, with the remainder being owner occupied.

The FTSE 100 index remained unchanged, ending the week at 7,547.63 points.

The pound remained unmoved by better than expected UK construction PMI data, as investors shifted their focus to next week’s general elections.

Data revealed UK construction activity grew at its fastest rate since the end of 2015 last month.

The UK construction PMI index jumped to 56.0 in May, up from 53.1 a month earlier.

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