FTSE 100 Movers: Reheated bid rumours boost Smith & Nephew

31st Aug 2011 10:44

Shares in replacement hip manufacturer Smith & Nephew moved sharply higher on Wednesday amid renewed talk of a bid for the company.Shares in the company were higher yesterday and rose again today bringing them back to the levels at which they sat ahead of the recent market decline. Morgan Stanley has been putting the boot into two of the biggest players in the UK property sector. After projecting negative net asset value growth in the UK in the next 12 months, the US finance house has downgraded real estate investment trust (REIT) peers British Land and Land Securities from "overweight" to "underweight", causing shares to take a tumble on Wednesday. "We think it is unlikely capital values are set to rise when most of the West faces a significant risk of a recession," the US brokerage said.FTSE 100 - RisersSmith & Nephew (SN.) 630.50p +5.70%Wolseley (WOS) 1,585.00p +3.87%Smiths Group (SMIN) 980.00p +3.59%GKN (GKN) 203.00p +3.41%Petrofac Ltd. (PFC) 1,339.00p +3.16%Vedanta Resources (VED) 1,379.00p +3.14%WPP (WPP) 647.00p +2.86%Cairn Energy (CNE) 325.50p +2.78%IMI (IMI) 872.50p +2.77%ITV (ITV) 61.40p +2.76%FTSE 100 - FallersBritish Land Co (BLND) 532.00p -2.21%Schroders (SDR) 1,453.00p -1.89%Schroders (Non-Voting) (SDRC) 1,174.00p -1.84%Land Securities Group (LAND) 716.00p -1.65%Hammerson (HMSO) 402.30p -0.98%Capital Shopping Centres Group (CSCG) 331.30p -0.36%Amec (AMEC) 875.50p -0.28%Vodafone Group (VOD) 162.10p -0.25%Old Mutual (OML) 118.10p -0.17%British American Tobacco (BATS) 2,720.00p -0.15%NR