Market research group Taylor Nelson Sofres has ended 12% higher after its rejection of a proposed offer from Sir Martin Sorrell's advertising business WPP.
TNS is trying to push through a merger with German rival GfK, but Sorrell has stepped in with a near £1bn bid to scupper the deal. Analysts believe WPP will have to come back with a better offer if it wants to win the day. TNS rose 25.5p to 240.5p, compared with Sorrell's 230p a share offer. WPP edged down 1p to 625p as ratings agency Fitch warned any deal could hit the company's debt ratings.
Overall commodities companies came to the market's rescue, overcoming weakness in the bank's and worries about the effect of $120 a barrel oil on the global econony.
Indeed the biggest riser in the leading index was Tullow Oil, up 183.5p to 943.5p, helped partly by the crude price, and partly by positive drilling news from Ghana.
BG Group climbed 7% while Cairn Energy rose nearly 5%. Miners were also wanted, with Rio Tinto and BHP Billiton closing around 4% higher.
But banks were - generally - heading lower, as sentiment in the sector was hit by losses and job cuts at UBS, and worries about the effect on Lloyds TSB of any UK recession. Lloyds closed 13.5p lower at 439p despite a relatively upbeat trading statement.
All in all, after earlier falls, the FTSE 100 closed virtually unchanged, down 0.3 points at 6215.2.
