FTSE rises in first hour of trading
Shares in transport companies made strong gains after it emerged National Express had rejected a takeover approach from rival FirstGroup.
The progress offset another lacklustre session for the wider market, with the FTSE 100 Index 22.9 points higher at 4263.8 after an hour of trading.
Vodafone provided the main interest in the top flight after the Financial Times said the mobile phone company was mulling an approach for T-Mobile UK.
A tie-up would give it 40% of the UK market, but this was not enough to inspire its share price, which edged 1.05p higher to 117.25p.
In the second-tier, debt-laden National Express surged 6% or 14.75p to 290.5p after it said it had rebuffed the approach from FirstGroup.
The interest boosted hopes of consolidation in the sector, with Arriva ahead 10.25p at 422.5p, Go-Ahead 7p stronger at 1244p and FirstGroup 1.75p stronger at 372.5p.
The biggest gain in the FTSE 250 Index came from Hargreaves Lansdown after the fund management firm said it expected full-year results to be ahead of market forecasts.
Shares bounced 12.75p to 213.75p, a gain of 7%.
Meanwhile, online fashion firm ASOS dropped 9p to 371p after it reported a slowing in its rate of sales growth.
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