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FTSE 100 rises as Micro Focus shares surge on HP deal FTSE 100 rises as Micro Focus shares surge on HP deal
(about 2 hours later)
(Open): The FTSE 100 gained in morning trade, helped by a 21% rise in UK tech firm Micro Focus following its takeover of Hewlett-Packard's software business. (Noon): The FTSE 100 is trading higher, helped by a large rise in UK tech firm Micro Focus following its $8.8bn (£6.6bn) software swoop.
Micro Focus is acquiring the software arm of Hewlett Packard Enterprise (HPE) for $8.8bn, including the assets of former UK tech champion Autonomy. Micro Focus is acquiring the software arm of Hewlett Packard Enterprise, including the assets of former UK tech champion Autonomy.
Berkshire-based Micro Focus was promoted to the FTSE 100 last week after ARM was acquired by Softbank. Berkshire-based Micro Focus, which entered the FTSE 100 last week, was 16% higher after initially rising 21%.
Overall the FTSE 100 was up 32.48 points to 6,879.06. Overall the FTSE 100 was up 22 points to 6,868.16.
Dixons Carphone shares were up 3.6% after it reported a 9% increase in first-quarter sales and "no detectable impact" from the Brexit vote. Dixons Carphone shares were up 4% after it reported an increase in first-quarter sales and "no detectable impact" from the Brexit vote.
Property comparison website Zoopla was 1.4% higher after it said full-year profits should be close to the top end of market expectations.Property comparison website Zoopla was 1.4% higher after it said full-year profits should be close to the top end of market expectations.
Publishing group Pearson was the biggest faller on the FTSE 100, dropping 4.6%. Education publisher Pearson was the biggest faller on the FTSE 100, dropping 4%. It follows disappointing results from rival publisher John Wiley, which also provides US college textbooks.
On the currency markets, the pound was flat against the dollar at $1.3350. Against the euro, it was little changed at €1.1857. On the currency markets, the pound was 0.2% higher against the dollar at $1.3366. Against the euro, it was 0.2% lower at €1.1843.