The FTSE 100 is flat at 7,701.04 in early trading, the index struggling for direction amid a lack of big economic or corporate announcements.
The biggest news this morning is probably the £2.2bn bid for Zoopla-parent ZPG (ZPG) from US technology fund Silver Lake.
The 490p per share offer has been recommended by the board and has the backing of 30% shareholder Daily Mail & General Trust (DMGT). As such it looks very likely to go through when it is put to a vote on 18 June.
This explains why the shares, up 29.9%, are trading very close to the offer price at 487.4p. Rival online property portal Rightmove (RMV) is up 4.8% to £48.26, while comparison site GoCompare.com (GOCO) gains 4.2% to 119p.
Free-to-air broadcaster ITV (ITV) is the top FTSE 100 riser, up 2.7% to 164.6p and building on yesterday’s solid gains driven by a positive trading update.
Oil services firm Wood Group (WG.) is up 5.1% to 617.2p as it reports ‘good trading momentum’ in the first quarter of the year amid higher oil prices.
Pharmaceutical business AstraZeneca (AZN) dips 0.6% to £52.22 after it announces disappointing results from a trial of its Fasenra drug.
Support services outfit Interserve (IRV) falls 5.5% to 72.76p as it reveals it faces a Financial Conduct Authority investigation into handling of inside information at its now exited energy-from-waste business in 2016 and early 2017.
Carpet seller Carpetright (CPR) dips 0.5% to 39.5p as it secures (expensive) debt financing of £17.25m ahead of a planned equity raise of £60m later this month.
