National Express has accelerated more than 4% despite one of its biggest investors selling its remaining stake in the transport group for around £101m.
UBS is placing 50.6m shares at 200.5p on behalf of US hedge fund Elliott Advisors, its last remaining shareholding after it sold a 9.9% stake in March.
At the time Elliott said the sale was part of a desire to diversify its portfolio and invest in new opportunities, and agreed not to sell any further shares for at least 90 days from the placing. It said National Express remained one of its most important investments.
Clearly it has changed its mind, but the news has done no harm to the company's shares, which are up 9.4p at 215.6p.
Early last month National Express said in an update it had made a good start to the year, boosted by an 18% rise in revenues at its US school bus business. UK bus revenue rose 3% while its Spanish business had proved resilient despite the eurozone's problems.
