In a tumbling FTSE 100 - down more than 200 points for a large part of the morning - only a handful of stocks managed to eke out some gains.
Friends Provident was by far and away Monday's top performer after US private equity firm JC Flowers confirmed it was considering a bid for the British insurer.
Responding to weekend reports, the US group says in a statement this morning: "J.C. Flowers intends to approach the board of Friends Provident with a view to developing a proposal that will deliver value for Friends Provident's shareholders. There can be no certainty that an offer will be made to Friends Provident's shareholders."
By late morning, Friends Provident shares were up 10p, or 6.6%, at 162.5p.
The morning's only other riser among the bluechips, is life insurer Resolution, which has agreed a takeover by rival Pearl. The shares are up a mere 0.5p to 712p but that's enough to lift them to the 2nd top spot.
The midcaps are seeing a little more buying. Northern Rock is the top gainer, up 21.5p, or 33.3%, at 86p, having hit 100p earlier on.
Another financial sector stock is next. New Star Asset Management shares are up 4.5p, or 4.4%, at 105.75p on speculation it has become a takeover target after last week's share-bashing profits warning.
With the US markets closed for a national holiday, the sell-off in Europe sparked by fears across the Atlantic has no chance of getting any respite today from those fears fading. Tomorrow is not looking so good either, futures markets are currently predicting that when Americans come back from their extended weekend, the Dow could take another significant tumble.
