Hedge fund manager Man has moved to the top of the FTSE 100 risers, as traders heard talk it may dispose of its remaining stake in broker MF Global.
Man spun off the brokerage in July 2007 by means of a flotation in the US, but retained an 18.5% stake, worth around $130m. The suggestion it might now be looking to sell this has helped send Man shares 17.5p higher to 283.25p. In its latest annual report it classifies the residual MF shareholding as "available-for-sale financial assets."
Elsewhere the market's decline has accelerated, with the FTSE 100 now 29.72 points lower at 4432.15. Dealers said Wall Street was expected to open around 20 points lower, following today's weakness in the oil price.
