London - Britain's top share index edged higher on Wednesday, boosted by hopes for corporate deal-making and some well-received company updates, with Hikma Pharmaceuticals and Barclays among the best performers.
The blue-chip FTSE 100 index was up 0.5 percent at at 6,587.30 points by 08h21 GMT. It rose 0.8 percent in the previous session, snapping a five-day losing streak.
Hikma Pharmaceuticals was the biggest blue-chip gainer after a target price update from Jefferies, adding 3.5 percent to the jump it saw on Tuesday when it announced a deal to buy Boehringer Ingelheim's US generic drugs business for about $2.65 billion in cash and stock.
Among other top gainers, Barclays advanced nearly 3 percent after saying it intends to accelerate the rundown of assets and cost-cutting.
“We expect some positive relief today,” Investec analysts said in a note.
British American Tobacco also rose more than 2 percent after the world's No. 2 cigarette company reported a better-than-expected performance for the second quarter.
Among smaller companies, Quintain Estates and Development jumped 23 percent on news that it is to be bought by US private equity firm Lone Star after receiving a bid valuing the firm at around 700 million pounds ($1.1 billion). .
Mid-cap baker Greggs was also on the rise, gaining more than 5 percent after raising its full-year guidance for the second time in three months.
On the downside, Compass Group tumbled 5 percent after the world's biggest catering firm said operating profit this year and next would be hit by restructuring costs.
Reuters