Financial News

LONDON (ShareCast) - 1505: Footsie (news) is holding on the gains it posted after a sluggish morning. Friends Provident is going well suitor Resolution suggested a tie-up between the two insurers has moved closer. Fellow insurers Aviva (LSE: AV.L - news) and Legal and General (3166.KL - news) are also higher. Platinum miner Lonmin (LSE: LMI.L - news) is currently at the bottom of the FTSE 100 as prices for the precious metal fall back. FTSE 100 up 42 at 4,169.

1340: Footsie is looking a bit more lively now, having picked up ahead of an expected bright start on Wall Street. Friends Provident is now up 12% after suitor Resolution suggested a tie-up between the two insurers has moved closer. FTSE 100 up 48 at 4,175.

1155: Friends Provident is now up 8%, helping keep FTSE 100 in the blue. Fellow insurance group Resolution said it has received "constructive feedback" from the board of Friends over its bid approach and is mulling its next move. Miners are among today's heaviest fallers including Xstrata (LSE: XTA.L - news) after a report in the Observer yesterday said the firm may offer a cash payment to persuade shareholders in rival Anglo American (LSE: AAL.L - news) to consider its merger proposal. FTSE 100 up 15 at 4,142.

1040: Footsie still sits just above the zero mark despite losses in the mining sector. Mexican silver (MSM.V - news) group Fresnillo (LSE: FRES.L - news) is the heaviest faller. Friends Provident is leading the risers after insurance group Resolution said it has received "constructive feedback" from the board of Friends over its bid approach and is mulling its next move. FTSE 100 flat at 4,127. 0905: Footsie has lifted itself out of the red but remains sluggish. Miner Xstrata is the heaviest faller. Among the risers is data search technology company Autonomy, which today pointed out how successful US footwear retailer FootSmart has become since using its software. FTSE 100 up 1 at 4,128.

0835: Footsie's recent slow decline continues this morning despite confirmation of Resolution's bid approach to Friends Provident. The life sector is going well headed by Friends, Old Mutual (LSE: OML.L - news) and Legal & General. Xstrata, Lloyds and Rio Tinto (LSE: RIO.L - news) are the weak spots. FTSE 100 down 15 at 4,112.