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FTSE 100 higher as mining stocks rise William Hill shares rise as investor rejects merger plan
(about 1 hour later)
The London market rose as trading got under way, with mining stocks among the biggest risers. Shares in William Hill have risen after the betting company's largest shareholder said it would oppose any merger deal with Canada's Amaya.
The benchmark FTSE 100 index rose 37.65 points to 7,015.39. Mining firm Rio Tinto was the biggest riser on the index, up 2.9%, while Anglo American added 2.8%. Last weekend William Hill said it was in talks to merge with Amaya, which owns poker websites Full Tilt and PokerStars, in a potential £4.5bn deal.
Shares in Tesco rose 2.1%, a day after the supermarket said it had resolved its pricing row with supplier Unilever. But Parvus Asset Management said the merger had "limited strategic logic" and would "destroy shareholder value".
However, shares in Unilever were down 1.3%. By mid-morning, shares in William Hill - a FTSE 250 member - were up 4.3%.
In the FTSE 250, shares in hedge fund Man Group jumped 9% after the company reported a 6% rise in the value of funds under management. It also announced it was buying investment manager Aalto, which currently manages assets worth $1.7bn. Parvus said William Hill should consider other all options to maximise shareholder returns, including a possible sale.
On the currency markets, after rising slightly overnight the pound fell back again, but was holding at about the $1.22 level against the dollar. Sterling was little changed against the euro at €1.1079. Also on the FTSE 250, shares in Man Group jumped 16% after the world's biggest listed hedge fund said it was buying investment manager Aalto, which manages property assets worth $1.7bn.
Man Group also reported a 6% rise in the value of funds under management during the three months to September and said it planned a $100m share buyback.
The blue-chip FTSE 100 index rose 38.6 points to 7,016.34. Tesco was the biggest riser, up 3.8%. The supermarket said on Thursday night that it had resolved its pricing row with supplier Unilever. Shares in Unilever were down 0.5%.
On the currency markets, the pound was holding at about the $1.22 level against the dollar.
By mid-morning sterling was down 0.15% from the previous session at $1.2235. Against the euro it had edged up 0.1% to €1.1090.