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FTSE 100 boosted by ITV after bid report FTSE closes lower but ITV rises after bid report
(about 5 hours later)
(Noon): Mining stocks helped to lift the London market, with ITV also among the top risers on speculation that it could be a takeover target. (Close): The London market lost early gains, but shares in ITV rose on speculation that it could be a takeover target.
ITV shares were nearly 4% higher after the Mail on Sunday reported that Comcast was thinking of launching an £11bn bid for the UK broadcaster. ITV shares were nearly 3% higher after the Mail on Sunday reported that Comcast was thinking of launching an £11bn bid for the UK broadcaster.
The FTSE 100 index was up 50.16 points at 6,102.58. The FTSE 100 index fell 17.58 points to 6,034.84.
Mining giant Glencore was the top riser on the index after Citi raised its price target for the stock. Mining giant Glencore rose 2.7% to 83.05p after Citi raised its price target for the stock.
Glencore shares jumped 7% to 86.63p after Citi increased its target to 160p from 130p. The investment bank increased its target to 160p from 130p.
Other mining stocks also gained, with Anglo American up 5.3% and Rio Tinto 2.9% higher. Shares in Rolls-Royce fell 1.2% following an interview with the firm's chief executive, Warren East, in the Financial Times.
Shares in Rolls-Royce fell at first following an interview with the firm's chief executive, Warren East, in the Financial Times. Mr East voiced "disquiet" about trading conditions at the firm's diesel engine business.
Mr East voiced "disquiet" about trading conditions at the firm's diesel engine business. Rolls-Royce shares fell in early trade, but by midday had recovered to stand up 1.5p at 578p. On the currency markets, the pound was flat against the dollar at $1.4890, and down 0.53% against the euro at €1.3636.
On the currency markets, the pound was flat against the dollar at $1.4899, and was also unchanged against the euro at €1.3713.