Rentokil rumblings help FTSE higher
Takeover action helped generate some excitement during an otherwise quiet session for the London market today.
While miners kept the FTSE 100 Index in positive territory – up 9.1 points at 5321.7 by mid-morning – most investors were watching developments with pest-control group Rentokil Initial and brewer Belhaven.
Rentokil jumped 11% or 16.5p to 167.75p after former Granada boss Gerry Robinson confirmed his interest in a takeover offer for the company.
He intends to make an approach to the Rentokil board, although there was no certainty that an offer would be forthcoming.
Lower down the market scale, brewer Belhaven jumped 15% or 80.25p to 621p after backing a takeover offer from Greene King.
Miners queued up at the head of the Footsie risers board as a recent lift in copper prices boosted sentiment. BHP Billiton was the second biggest climber, up 19.5p to 838.5p, followed by Rio Tinto, up 33p to 2024p and Antofagasta cheering 36p to 1462p.
Telecoms companies also performed well after a broker upgrade for mobile phone giant Vodafone. The market heavyweight lifted half a penny to 155.25p while BT Group added 2p to 222.25p and Cable & Wireless cheered 1.5p to 155.75p.
