Findel climbs on back of Morgan Stanley buying

Findel's stock was the highest riser among those listed in the FTSE All-Share on Wednesday, rising 7.1% to 177.25p with the only news being a derivatives purchase by Morgan Stanley's Institutional Securities Group and Global Wealth Management arms, which now have a 10.10% long position in the shares.

Morgan Stanley has now bought a 2.25% direct equity position and added to derivatives positions it took at the end of March.

Last month it took a cash-settled equity swap deal over almost 4m shares, expiring in mid-December this year, with another for almost 2m shares expiring on 7 March 2018.

It has now added another equity swap for 0.9m shares expiring on 3 April 2018 as well as buying the direct shareholding, all in all taking its stake above 10%.

Morgan Stanley has made its move following Sports Direct raised its stake in Findel to nearly 30% on 29 March.

Mike Ashley's sports retailer acquired a new contract for difference relating to 12.57% of Findel’s shares, bringing its stake to 29.79%. This is just below the 30% level at which it is likely to launch a full takeover bid.