And yet another bit of Friday takeover talk, back in the mining sector again. Xstrata is now 9% higher on renewed speculation that Brazil's Vale is interested in the business.
Xstrata is now leading the risers in the FTSE 100, up 283p to £33.80. Meanwhile Rio Tinto is still nearly 6% higher at £47.36 on hopes that BHP Billiton, up 45p to £13.94, is about to announce a new offer.
Meanwhile Marks & Spencer continues to rise, up 21p to 420.25p despite Bhs and Arcadia boss Philip Green telling Reuters he had not been stakebuilding in the business. Retailers generally have, ironically, been buoyed by poor high street sales figures for December. Traders said the numbers pointed to another UK interest rate cut imminently.
Even Woolworths is ahead, up nearly 1% to 8.88p despite Citigroup slashing its target price from 12p to 5p.
Citi said: "It would be easy to argue for short-term value here, but history suggests Woolworths is a structural loser with cyclical pressures on top. Accordingly, we do not think now is the time to fish for value despite the all-too-obvious attractions of £3bn of revenues being valued at £130m."
It is keeping its sell recommendation, halving its dividend estimate, and moved its risk rating to speculative.
Even so, the FTSE 100 is making another heroic attempt to regain the 6000 level. It is now 105.6 points higher at 6008.2. This is all the more remarkable, given the share price hit that financial companies with property funds are taking in the wake of the Scottish Equitable news. Despite many of them denying they are following Scottish's example and making it difficult for investors to withdraw funds, their shares are around 3% lower.
