Bid hopes take FTSE higher

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The FTSE 100 Index gained 26 points, or 0.5%, to 5,679 points today, led by renewed bid hopes.

Corus gained 1.34% to 434p on rumours Russian steel producer Severstal, which just days ago had its bid for Arcelor rebuffed in favour of Mittal Steel, is considering a bid. EMI rose 8.37% to 307.50p after Warner Music's £2.5bn bid was rejected. The miners dominated the fallers, with Antofagasta down 1.25% ti 395p, Rio Tinto down 0.95% to 2,724p, BHP Billiton down 0.81% to 983p and Anglo American down 0.29% to 2,089p. Friends Provident slipped back 0.73% to 170.25p after it said chief executive Keith Satchell will retire from in the first half of next year. Satchell will be replaced b...

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