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Diageo soars on takeover reports Diageo story dominates UK market as FTSE falls again
(about 5 hours later)
(Noon): Shares in drinks giant Diageo were ahead by close to 7% on reports of a possible bid from Brazilian billionaire Jorge Paulo Lemann. (Close): Drinks giant Diageo was the market story of the day, after reports of a possible bid from Brazilian billionaire Jorge Paulo Lemann sent the shares fizzing.
Overall, London's benchmark FTSE 100 index of leading shares was virtually unchanged in midday trade. It ended the day up 6.79%, despite analysts dismissing the potential £50bn deal as unlikely.
The FTSE was down by 1.84 points, or 0.03%, at 6802.76. Overall, London's benchmark FTSE 100 index fell slightly to end the day down 0.21% at 6,790.04.
Markets in France, Germany and Turkey were all hit by the uncertainty surrounding unexpected election results in Turkey at the weekend. The FTSE is more than 300 points below its 52-week high of 7,103.98.
As well as spirits producer Diageo, other winners in the UK included Pearson, TUI, Vodafone and Royal Mail. Royal Mail was the index's second biggest riser, up 1.48%, after a broker raised its target price from 500p to 600p.
BT was ahead by 1% after newspaper reports over the weekend that it was set to become a takeover target for Deutsche Telekom. Other winners included travel company TUI, up 1.2% on another broker upgrade.
Biggest faller was Shire, down by 1.92% after reports it was considering a $18bn (£11.8bn) takeover of the Swiss biotech group Actelion. The biggest faller was property services company Foxtons Group, down 4.2% on rumours that the firm could be facing a £42m legal bill over hidden costs it allegedly charges landlords.
On the currency markets, the pound fell 0.15% against the dollar to $1.5246, and fell 0.41% against the euro to €1.3681. On the currency markets, the pound ended the day up 0.12% against the dollar to 1.52880, but down nearly 1% against the euro to €1.36090.