Department store Debenhams has been bumping along for a little while at close to its all time lows, which is prompting a bit of stakebuilding.
Today Milestone Resources has raised its shareholding from 8.39% to 9.13%. Milestone is headed by Micky Jagtiani, the boss of Dubai retailer Landmark, and traders have suggested he might be interested in bidding for the whole group. Debenhams shares are 3.5p higher at 70.5p.
The general market mood at the moment is rather more buoyant than of late. The main impetus for this is the growing conviction that the US Federal Reserve will cut interest rates by another 50 basis points tomorrow, after last week's surprise reduction. Woe betide the Fed if it fails to deliver what the market expects.
As for the UK, the betting is on a 25 basis point cut next week, and even stronger- than-expected retail sales figures for January from the CBI seem unlikely to derail that optimism.
So the FTSE 100 is now 89.9 points higher at 5878.8. In a busy day for corporate news, travel groups Thomas Cook and Tui are lifted by the latter's trading statement. Cook is up 13p to 259.5p and Tui 7.25p better at 246.25p.
Miners, the big boys of the leading index, are boosted by hopes that a US rate cut can forestall a recession in the country, and by indications that the power supply problem in South Africa will soon be resolved. Anglo American has recovered 112p to £25.77 while Lonmin is 68p higher at £29.36.
Xstrata is 130p better at £36.42 awaiting any news of a bid from Brazil's Vale. Analysts at Fairfax believe if Vale does move, Anglo might make a counter bid.
As for Mitchells & Butler, its shares are 23p higher at 405p after it kitchen sinked its property hedges. The price is being supported by news that trading is not too bad, in the circumstances, and that Robert Tchenguiz has raised his stake to just over 22%.
