1630:Close UK stocks managed to edge into the blue after earlier being weighed down by weak data on the Eurozone's money supply and an unexpected 'up-tick' in German unemployment. In parallel, overnight the Governor of the central bank of China Zhou Xiaochuan said the economy is in a rare "complicated" situation. Smith&Nephew ended the day higher on speculation, later denied, that US outfit Stryker was readying a takeover offer. LSE shares
were close behind on the leaderboard after analysts at Credit Suisse added the bourse operator to their Focus List. London real estate is heading for a "natural correction", building society Nationwide, which released its results on Wednesday, claimed. FTSE 100 up 6 to 6,851.22.
1456: After an initial surge, Smith & Nephew is now trading just 2.5% higher after US group Stryker was reported as saying that it "does not intend to make an offer". Stryker, however, has held on to gains in New York and is up 3.1%.
1420: Smith & Nephew has surged around 16% on rumours that medical device peer Stryker is working on a takeover bid for the company. Neither company has yet released a statement confirming the reports.
1418: Goldman Sachs is reportedly calling for the European Central Bank to
cut its policy rates by 15 basis points in June. They also expect an announcement on targeted credit easing measures.
1237: US outfit Valeant Pharma has upped its proposed bid for Allergan to $58.3 per share, while at the same time increasing the cash portion of its offer to 21%.
1035: AVEVA is pulling back after its strong rise on Tuesday with UBS weighing on the price as it downgraded the stock from 'buy' to 'neutral'. The Swiss bank said that despite 'management's evident confidence in the pipeline', the stock's valuation is full.
1030: According to the Financial Times, demand for UK banking shares is at its highest since the run of demutualisations in the 1990s. The comments come after the announced flotation of TSB by Lloyds yesterday, and amid reports that other so-called challenger banks such as Aldermore, Virgin Money and Shawbrook are looking to list.
0957: LSE is trading 2.4 per cent higher after upbeat comments from Credit Suisse this morning. The bank expressed optimism about the potential acquisition of Russell Investments, saying that the business would more double the earnings contribution from LSE's indices operations in the 2015 financial year. Credit Suisse's 2,220p target price for LSE equates to a PE of 17 on 2015 estimates, implying a decent re-rating from the current PE multiple of 14.8.
0946: Petrofac has obtained a contract to support Enquest's North Sea assets for up to ten years at a value of 630m dollars.
0845: UK stocks have come off a tad in early trading despite the fresh record highs set overnight by the S&P 500. Admiral is at the top of the leaderboard now on the Footsie, with shares of the LSE following close behind after Credit Suisse added the stock to its Focus List. GlaxoSmithKline is under selling pressure after the SFO opened a criminal investigation into the 'commercial practices' of pharmaceutical group. De La Rue is heading up gains on the FTSE 250 while Aveva comes off the boil following yesterday's surge in the stock. RBS announced that it would cut its mortgage trading business in the US. FTSE 100 down 6 to 6,839.