Financials are leading the way in what is, to be honest, a predictably quiet day's trading so far. With the UK market closing at lunchtime, there is little real activity apart from some signs of investors squaring positions ahead of the new year.
Friends Provident is the leading riser in the FTSE 100 so far, up nearly 2% at 162p. The insurer was, it may be remembered, embroiled in a complicated takeover battle, with its plans to merge with Resolution scuppered by rival Pearl. Pearl ended up buying Resolution, leaving Friends on the shelf. Friends' chief executive subsequently resigned, and the company began a strategic review. Its shares are in demand today on hopes that the review will be completed shortly and could lead to a sale of all or part of the company.
Mortgage banks were wanted after a report that Santander, the Spanish owner of Abbey National, had been looking to buy another UK operation. Alliance & Leicester is up 8p to 648p while Bradford & Bingley is 1.5p better at 267p and HBOS is 5.5p higher at 735p.
With little other inspiration, the FTSE 100 has drifted 33.4 points lower to 6443.5 and the FTSE 250 is off 12 points at 10638.3.
