Aircraft parts maker Meggitt was the standout performer on the FTSE 100, up nearly 10% at 537p amid reports that the company is a potential bid target.
The engineer, which makes parts for the Boeing 787 Dreamliner, is said to have attracted the attention of US group United Technologies. According to the Daily Mail, which cited rumours emanating from Farnborough, the US firm could offer as much as 625p a share for Meggitt, a 28% premium to Tuesday's closing price of 490.1p.
Engine maker Rolls-Royce was also rising strongly today as the company continues to report contract wins during the Farnborough Air Show. Since the start of the week alone, the company has already announced orders from Kuwait Airlines, Air Lease Corporation, Airbus, CIT, Avolon, AirAsia X and MG Aviation.
Airline easyJet was another flying higher, ahead of its third-quarter statement on July 24th. Numis Securities analysts said they expect a "relatively reassuring" update from the group after industry concerns have pushed the stock sharply lower in recent months.
Mining giant Rio Tinto impressed with a "very strong" first half with productivity gains across the business, particularly record shipments from its large iron ore division, production and rail volumes.
Other miners such as Anglo American and Glencore were also higher as investors welcomed upbeat economic data from China, though shares
in precious metals miner Fresnillo fell after the company said that silver production was flat year-on-year in the second quarter.
There were only nine stocks trading in the red this afternoon, with postal group Royal Mail topping the fallers list on the news that it is facing a potentially "material" impact from a competition investigation in France.
Meanwhile, credit-checking firm Experian also fell as shareholders at its annual general meeting today hit out over plans to appoint its Chief Executive as Chairman. The motion was voted through despite roughly 11% of votes in opposition.
FTSE 100 - Risers
Meggitt (MGGT) 536.50p +9.47%
easyJet (EZJ) 1,356.00p +6.19%
ITV (ITV) 184.60p +4.06%
Aggreko (AGK) 1,735.00p +3.46%
Barclays (BARC) 217.00p +3.01%
Persimmon (PSN) 1,267.00p +3.01%
Anglo American (AAL) 1,559.00p +2.97%
Glencore (GLEN) 356.65p +2.96%
Rio Tinto (RIO) 3,336.50p +2.84%
Weir Group (WEIR) 2,719.00p +2.84%
FTSE 100 - Fallers
Royal Mail (RMG) 479.70p -1.84%
Shire Plc (SHP) 4,820.00p -0.93%
RSA Insurance Group (RSA) 463.80p -0.75%
Fresnillo (FRES) 908.00p -0.60%
British Sky Broadcasting Group (BSY) 883.00p -0.45%
Experian (EXPN) 1,025.00p -0.39%
AstraZeneca (AZN) 4,368.50p -0.36%
British American Tobacco (BATS) 3,525.50p -0.18%
Diageo (DGE) 1,844.50p -0.05%