The FTSE 100 trades 50.27 points higher at 6,723 following news that Greece is to remain in the Eurozone after securing a third bailout from its creditors.
Asset managers are boosted by gains overnight in Asia and improved investor sentiment. Schroders (SDR), the largest-listed UK asset manager, gains 1.5% to £31.51, while Henderson (HGG) adds 1.6% to 266p and Jupiter (JUP) gains 0.9% to 440p. Stockbroker Hargreaves Lansdown (HL.) also gains 1.1% to £11.77.
Hydrocarbons producer Nostrum Oil & Gas (NOG) is bidding for its Kazakhstan peer Tethys Petroleum (TPL), which rises 27.4% to 9.88p following the news. A share based transaction, proposed at a notional C$0.2185, represents a premium of around 15% to the terms of a share subscription deal on the table between Tethys and Kazakh group AGR Energy and a 46% premium to the dual-listed Tethys' 9 July close on the Toronto Stock Exchange. Deutsche Bank describes it as a 'modest bolt-on deal at an opportune time in the commodity cycle' for Nostrum which is itself down 0.67% at 589p.
Emerging markets consumer lender International Personal Finance (IPF) sheds 13.3% to 409p as it warns new regulations in Poland to cap interest rates may impact financial results. A new law under consideration by the country's government could force IPF to include some or all of its administrative costs within the new capped structure, management say.
The extent of the coal market slump is laid out in New World Resources' (NWR) second quarter trading update. The Czech Republic-based miner sold its coking coal for less than half the price achieved four years ago. The shares fall 12% to 0.55p. It's hard to see a long-term future for this company on the stock market.