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| FTSE 100 rises as RSA surges on takeover interest | FTSE 100 rises as RSA surges on takeover interest |
| (about 1 hour later) | |
| (Open): The FTSE 100 opened higher, with shares in insurance group RSA jumping 12% after Zurich Insurance said it was considering a bid for the firm. | (Open): The FTSE 100 opened higher, with shares in insurance group RSA jumping 12% after Zurich Insurance said it was considering a bid for the firm. |
| Following speculation, Zurich issued a statement saying it was "evaluating a potential offer". | Following speculation, Zurich issued a statement saying it was "evaluating a potential offer". |
| RSA's rise helped to lift the FTSE 100 index 32.10 points to 6,536.33. | |
| GKN also gave the FTSE a boost, rising 6.3% after it announced it was buying Dutch firm Fokker Technologies for €706m (£503m). | GKN also gave the FTSE a boost, rising 6.3% after it announced it was buying Dutch firm Fokker Technologies for €706m (£503m). |
| The UK engineering firm said the deal would strengthen "GKN Aerospace's market leadership, manufacturing footprint and technology". | The UK engineering firm said the deal would strengthen "GKN Aerospace's market leadership, manufacturing footprint and technology". |
| Shares in UK broadcaster ITV rose 2.8% after the company reported a 25% increase in half-year pre-tax profits to £391m. | Shares in UK broadcaster ITV rose 2.8% after the company reported a 25% increase in half-year pre-tax profits to £391m. |
| Royal Mail shares headed in the opposite direction after an unwelcome delivery from Ofcom. | Royal Mail shares headed in the opposite direction after an unwelcome delivery from Ofcom. |
| The regulator said Royal Mail had broken competition law when it proposed raising prices for its bulk mail delivery customers. Shares in Royal Mail dropped 14.5p, or 2.9%, to 489.50p. | The regulator said Royal Mail had broken competition law when it proposed raising prices for its bulk mail delivery customers. Shares in Royal Mail dropped 14.5p, or 2.9%, to 489.50p. |
| In the FTSE 250, shares in Melrose Industries jumped 11% after the company said it was selling its Elster utility consumption meter business to Honeywell International for £3,3bn. | In the FTSE 250, shares in Melrose Industries jumped 11% after the company said it was selling its Elster utility consumption meter business to Honeywell International for £3,3bn. |
| On the currency markets, the pound dipped 0.1% against the dollar to $1.5546 and rose 0.1% against the euro to €1.4049. | On the currency markets, the pound dipped 0.1% against the dollar to $1.5546 and rose 0.1% against the euro to €1.4049. |