The FTSE 100 index is up this morning, rising 22 points or 0.36% to 6,230 led by a flurry of potential takeovers in the energy, finance and media sectors.
Commercial broadcaster ITV has risen 3.25p or 2.9% to 114.25p after weekend newspapers reported the firm is in takeover talks with NTL, the UK’s largest cable TV company, for a bid worth £5.1bn.
Scottish Power is also up 2.8% to 761.5p as the firm is said subject to a £12bn bid by ABN Amro Holding and Spanish power giant Iberdrola, according to weekend papers. Its rival British Energy Group is also up 6p or 1.25% to 484p as a result while DSG International has gained 5.75p or 2.68% to 220.25p.
Other rumours surfaced in the press at the weekend suggesting Resolution, the newest life insurance firm on the UK market, is again in takeover talks, with Standard Life among those firms suggested as being in the frame. Resolution has leapt 31.5p or just under 5% so far to 666.5p while Standard Life is up 2.5p or 0.8% to 289p.
Asian stocks fell again today, as there are concerns the Japanese economy is slowing down again.
The Japanese Nikkei 225 index closed down 0.6% to 16,022 by the 3pm close, led by Sumitomo Mitsui Financial, Japan’s third-largest bank, fell 1.7% to 1.18m yen while its larger rival Mizuho Financial Group fell 2.1% to 835,000 yen as the latest report suggests Japan's economy grew at an annual 1% rate in the third quarter.
At the same time, the dollar weakened 0.4% against the yen, leaving the yen at 117.13 against the dollar, and pushing the value of Canon down 1.8% to 6,150 yen and Nissan Motor dropped 1.6% to 1,441 yen as both firms rely of much of their profit from the US and in dollars.
And in the US on Friday, stocks rallied as fears about the impact of the Democrat election wins began to subside.
The Dow Jones closed up a fraction at 12,108.4 while S&P 500 earned just 2.5 points to 1380.9 and the Nasdaq Composite index added 13.7 points to 2389.7.IFAonline
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