Footsie in red despite surge by Worldpay

Market report Emma Newlands

Payments processor Worldpay charged ahead after two US suitors launched early-stage takeover approaches.

Shares in the company jumped 27 per cent as investors reacted to news that American rival Vantiv and Wall Street banking giant Jpmorgan Chase had made separate offers for the firm.

However, the FTSE 100 Index slipped by 19.86 points to 7,357.23.

Blue-chip housebuilders were also pushing higher after taking cheer from the latest economic update on the construction industry.

While activity came in short of expectations, firms were encouraged that the industry had continued to grow. Charles Church-owner Persimmon climbed 25p to 2,291p, and Barratt Developments rose 5p to 566.5p. However, the UK currency took a dim view of the sector’s performance, with the pound drifting 0.1 per cent lower against the US dollar at $1.292 and sitting flat versus the euro at €1.138.

In UK stocks, Sainsbury’s jumped 0.7p to 249.6p after hailing its best supermarket sales for years thanks to a revamp of its ranges and deals on popular summer food.

Away from the top tier, British chip-maker Imagination Technologies was up 13.5p to 157p after swinging back into profit.

The biggest risers on the FTSE 100 Index included Randgold Resources ,up135pto 6,850p, Kingfisher, up 3.7p to 308.5p, and Fresnillo, up 17p to 1,483p.

The biggest fallers included Provident Financial, down 47p to 2,321p, Smith & Nephew, down 25p to 1,307p, and BAE Systems, down 8p to 623.5p. Shares leapt after the UK payments processor said early stage takeover approaches had been made by Vantiv and Jpmorgan Chase. The low-cost airline took a dip despite the fastgrowing carrier reporting a 23.6 per cent yearon-year jump in passenger numbers.