UK stocks dropped this morning paced by Cordiant Communications after WPP announced it would buy the...
UK stocks dropped this morning paced by Cordiant Communications after WPP announced it would buy the company for less than their last closing price.
The benchmark FTSE 100 is currently down 8.20 points to 4,198.80.
Belhaven Group dropped 7.5p to 362.5p after the owner of the oldest brewery in Scotland announced it plans to raise £26.3m before expenses by selling shares.
Cordiant Communications Group shed 1.5p to 3.25p after WPP Group - the world's third-biggest advertising and marketing company – said it is to acquire the company for £266m.
Meanwhile, WPP Group also plunged 4p to 487p.
Financial Objects lost 15p to 30p. The provider of banking software announced a record drop after saying trading conditions had declined and it's reviewing its business.
Regent Inns - the owner of the Walkabout chain - shed 6p to 71.5p.
In Asia, Tokyo's Nikkei 225 index rose 17.54 points to 9,110.51 earlier today, and Hong Kong's Hang Seng advanced 9.81 points to 9,980.11.
On Wall Street, trading ended on a mixed note yesterday as the Dow Jones Industrial Average index shed 29.22 points to 9,293.80 by the close, and the S&P 500 index dropped 1.57 points to 1,010.09.
Meanwhile, Nasdaq's Composite index advanced 8.70 points to 1,677.14.
Has run Cautious Managed fund since 2011
What’s right – not what sells
Richards fires back at committee report
Available on Investcentre platform
Invested from 2006-2011