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FTSE 100 rises but Capita shares continue to slide FTSE 100 bolstered by Sky share surge
(about 4 hours later)
The FTSE 100 remained on track for its best week since July, but shares in Capita continued to fall. (Close): Sky shares soared in late Friday trading after it was announced that US media giant 21st Century Fox had made a takeover approach for it.
Capita shares had fallen more than 14% on Thursday after the outsourcing group issued its second profit warning in three months, and by midday on Friday they had lost a further 3%. Sky's share price ended the day nearly 27% higher at £10. Media tycoon Rupert Murdoch controls 21st Century Fox, which already owns 39.1% of Sky.
However, overall the market was up, with the FTSE 100 index rising 18.75 points to 6,950.30. ITV also benefited from the activity in the sector, rising 5.5%.
MedicClinic International was the biggest riser on the index, up 4.1%. Overall, the FTSE 100 index closed up 22.66 points at 6,954.21, notching up five consecutive days of gains.
The FTSE 100 is on track to record five consecutive days of gains. Financial stocks have helped to bolster the market this week, but there were signs that this rally was coming to and end with Prudential down 2.5% and Barclays dropping 2%. It was the 100-share index's best week since July.
In the FTSE 250, shares in Euromoney fell 5.7% after Daily Mail and General Trust said it would cut its holding in the company to about 49% from 67%. Mediclinic International was another biggest riser on the index, up 4.6%.
On the currency markets, the pound edged up 0.1% against the dollar to $1.2595, and rose 0.5% against the euro to €1.1913. In the FTSE 250, shares in Euromoney fell 6.25% after Daily Mail and General Trust said it would cut its holding in the company to about 49% from 67%.
On the currency markets, the pound dipped 0.08% against the dollar to $1.2577 and rose 0.63% against the euro to €1.1933.