FTSE 100 movers: Worldpay surges on takeover approaches; Provident Financial drops

London's FTSE 100 was up 0.1% to 7,382.44 in afternoon trade, with M&A news helping the index to keep its head above water.

Shares in Worldpay rocketed after the payments processor confirmed that it has received preliminary approaches from US-based payment processing and technology provider Vantiv Inc and JPMorgan Chase Bank over a potential acquisition.

"There can be no certainty either that an offer will be made nor as to the terms of any offer, if made," it said, adding that a further announcement will be made if appropriate

The statement came amid speculation the company may be a bid target, after M&A blog WallStreet Wires said people familiar with the matter were suggesting it had been approached and advisers appointed.

Sainsbury's was also on the front foot after delivering a super start to its financial year as grocery sales growth accelerated and general merchandise, including Argos, outperformed the market.

Like-for-like retail sales excluding fuel grew 2.3% across the group in the 16 weeks to 1 July, a sizeable improvement from the decline seen in the same period a year ago and the lifeless growth in the fourth quarter of last year.

Housebuilder Persimmon was higher despite some disappointing data on the UK construction sector. Construction activity weakened more than expected last month, according to a survey published earlier that revealed the lowest levels of optimism about growth this year. Markit's construction purchasing managers' index for June gave came in at 54.8, down from 56.0 the month before and short of the City's consensus forecast of 55.0.

Going the other way, subprime lender Provident Financial retreated after the Bank of England gave lenders a deadline of September to prove they are adequately protected against consumer credit risks.

Risers

Worldpay Group (WPG) 409.90p 28.29%
Fresnillo (FRES) 1,501.00p 2.39%
Randgold Resources Ltd. (RRS) 6,845.00p 1.94%
RSA Insurance Group (RSA) 626.00p 1.54%
Direct Line Insurance Group (DLG) 363.40p 1.48%
Kingfisher (KGF) 309.00p 1.38%
DCC (DCC) 7,000.00p 1.38%
Sainsbury (J) (SBRY) 252.10p 1.29%
Mediclinic International (MDC) 747.00p 1.22%
Persimmon (PSN) 2,293.00p 1.19%

Fallers

Provident Financial (PFG) 2,332.00p -1.52%
Smurfit Kappa Group (SKG) 2,369.00p -1.29%
BAE Systems (BA.) 623.50p -1.27%
Ashtead Group (AHT) 1,567.00p -1.07%
Smith & Nephew (SN.) 1,318.00p -1.05%
Hargreaves Lansdown (HL.) 1,268.00p -1.01%
Burberry Group (BRBY) 1,641.00p -0.97%
HSBC Holdings (HSBA) 722.90p -0.95%
3i Group (III) 896.00p -0.94%
National Grid (NG.) 945.10p -0.93%