The FTSE 100 is up 42.89 points to 6,712.13 as it is buoyed by M&A activity and a continued settling of post Brexit nerves.
UK chip designer ARM (ARM) is the top riser on the index, up 46.9% to £17.47, as it confirms it is to be bought by Japan’s Softbank (9984:TYO) for £24 billion. The £17 per share deal represents a 43% premium to its closing price last week.
Fellow chip play Imagination Technologies (IMG) is also pulled higher, up 10.7% to 206.25p.
Travel stocks are again under pressure after further geopolitical turmoil with the foiled coup in Turkey taking place as 50,000 UK tourists holidayed in the country. On The Beach (OTB) falls 4.4% to 215p and Thomas Cook (TCG) is off 3.8% to 61.4p. Events firm ITE (ITE) which has a material footprint in Turkey slips 2.7% to 150.75p.
Alcohol wholesaler and retailer Conviviality (CVR:AIM) froths up 5.9% to 188.5p on tasty full-year results showing stellar growth in sales, adjusted pre-tax profits and free cashflow, boosted by October's transformational takeover of drinks wholesaler Matthew Clark. There's also a 14% hike in the dividend to 9.5p, reflecting management's confidence in the outlook for the group.
Micro-cap sensor systems specialist Transense Technologies (TRT:AIM) gains 42.5% to 1.42p as it reports in-line trading and flags a licensing agreement with US conglomerate General Electric (GE:NYSE). The latter will pay $500,000 on signing, a further $250,000 subject to its Surface Acoustic Wave technology passing a series of tests and royalty payments based on the use of SAW in certain torque applications.