FTSE 100 movers: Friends up on higher bid hopes

13th Jul 2009 11:03

Friends Provident is the best performer after Clive Cowdery's new vehicle, Resolution , said it has received "constructive feedback" from the board of Friends over its merger approach and is mulling its next move, leading to speculation it will make a higher offer.Friends rejected the initial bid but said it is "open minded about the benefits of industry consolidation" suggesting there is scope for negotiations.The life sector got a further boost from an upgrade for South African insurer Old Mutual by UBS to "buy" from "neutral". Banks are out of favour after the annual report from the UKFI, which owns the government stakes in Lloyds Banking and Royal Bank of Scotland.Lloyds has been further unsettled by a weekend report it is poised to write off as much as £13bn on its loans to commercial property, businesses and mortgage holders with its next figures.Royal Bank of Scotland is a shade lower despite being upgraded to "buy" from "neutral" by UBS.FTSE 100 - RisersFriends Provident Group (FP.) 66.96p +10.86%Legal & General Group (LGEN) 51.57p +3.35%Aviva (AV.) 286.00p +3.34%Man Group (EMG) 249.50p +3.21%Eurasian Natural Resources (ENRC) 669.00p +2.84%BT Group (BT.A) 103.00p +2.64%Centrica (CNA) 223.25p +2.29%Land Securities Group (LAND) 433.25p +2.24%FTSE 100 - FallersXstrata (XTA) 572.00p -4.19%Fresnillo (FRES) 465.50p -3.42%Lonmin (LMI) 967.50p -3.15%Antofagasta (ANTO) 573.00p -2.55%Associated British Foods (ABF) 756.00p -2.33%Experian Group (EXPN) 440.75p -1.89%Vedanta Resources (VED) 1,309.00p -1.80%Kazakhmys (KAZ) 585.00p -1.52%