Rpc Group Share News (RPC)

LONDON (Alliance News) - The FTSE 100 climbed higher at midday on Monday, while the pound failed to benefit from a better-than-expected gross domestic product reading out the UK on Monday.WM Morrison Supermarkets was the best blue-chip performer at midday, helping to offset a decline from Associated British Foods.The FTSE 100 was 0.3% higher, or 19.39 points, at 7,297.09 at midday. The FTSE 250 rose 0.1%, or 27.86 points, to 20,237.47 while the AIM All-Share was down 0.5% at 1,095.24.The Cboe UK 100 was up 0.3% at 12,358.96, the Cboe UK 250 up 0.4% at 18,380.43 and the Cboe UK Small Companies up 0.2% at 12,125.66."Despite a mixed session in Asia there has been some tentative buying across Europe, after indices this side of the Atlantic touched fresh multi-month lows on Friday. After taking such a drubbing the likes of the FTSE and the Dax will look attractive to a degree, but when set against the relentless rise of US stocks any rebound may be a flash in the pan," commented IG chief market analyst Chris Beauchamp.Meanwhile, pound was quoted at USD1.2927 at midday, marginally lower compared to USD1.2949 late Friday.Sterling spiked to an intraday high of USD1.2955 as data showed the UK economy grew at a faster-than-expected pace in July, though quickly pared these gains.The monthly GDP estimate from the Office for National Statistics revealed the economy grew 0.3% month-on-month, surpassing expectations for growth inch up to 0.2% from the 0.1% posted for June. In three months to July, economic growth improved to 0.6% from 0.4% in three months to June."These are great figures and suggest there is still life in the UK economy despite all the negative political headlines and the pressures faced by the household sector. However, the UK is still expected to be battling it out with Japan and Italy as to who is the worst performing developed market economy this year and next," commented James Knightley, chief international economist at ING.He continued: "Tomorrow UK jobs report is likely to show a renewed slowdown in employment growth while real wage growth is likely to remain depressed by inflation."Monday's GDP data also comes ahead of the latest Bank of England monetary policy decision, due on Thursday.The ONS also said on Monday UK industrial production logged a marginally less-than-expected growth in July, climbing just 0.1% month-on-month.Meanwhile, manufacturing output contracted 0.2%, reversing a 0.4% rise in June. Economists had forecast both industrial and manufacturing output to gain 0.2% each in July.In data from the eurozone on Monday, investor confidence deteriorated unexpectedly in September, survey data from think tank Sentix showed.The investor sentiment index fell to 12.0 in September from 14.7 in August. The score was forecast to rise to 15.0. The current situation index declined to a 3-month low of 35.0 in September from 37.3 a month ago. Similarly, the expectations index dropped to minus 8.8 from minus 5.8 in August.At midday, the CAC 40 in Paris and DAX 30 in Frankfurt were up 0.2% and up 0.1% respectively.Stocks in the US are set to gain at the open, with the Dow Jones and S&P 500 both called to rise 0.3% and the Nasdaq pointed 0.5% higher on Monday. To come in the US is consumer credit change at 2000 BST.In US company news, Alibaba Group said its chief executive officer Daniel Zhang will succeed Jack Ma as chairman of the board, starting September 10.Ma will continue as executive chairman at the e-commerce company over the next 12 months for a smooth transition of the chairmanship to Zhang, the company said. After that, Ma will remain on the board until Alibaba's annual meeting of shareholders in 2020, the company said. His retirement as executive chairman will coincide with his 55th birthday.On the London Stock Exchange at midday, WM Morrison Supermarkets was the best performer in the FTSE 100 as it gained 2.2%.The grocer, due to release its interim results on Thursday, was upgraded to a Buy rating from Hold by HSBC.Towards the other end was low-cost clothing chain Primark owner Associated British Foods, down 1.3%.For the year ending September 15, AB Foods said it generated a "strong performance" from its Retail, Grocery, Agriculture and Ingredients businesses which offset lower sugar prices.The company said it expects Primark sales up 5.5% on the previous year at constant currency, on the back of increased selling space offset by a 2% decline in like-for-like sales. At actual exchange rates sales are expected to be 6% higher than last year."AB Food's pre-close trading update is a bit like a Saturday afternoon in Primark - confusing, but with some gems hidden among the clutter. At first glance the decline in like-for-like sales at Primark is a concern, but with numbers in positive territory in the more mature UK market, we're not too concerned," said Nicholas Hyett, equity analyst at Hargreaves Lansdown.Miner Glencore was also down 1.3% as JPMorgan cut its rating on the commodities house to Neutral from Overweight previously. Sat atop the FTSE 250 was plastic products maker RPC, shooting up 21% as it confirmed preliminary takeover talks with two companies. In a short statement, RPC said it is holding preliminary discussions with Apollo Global Management and Bain Capital regarding a potential offer. Both companies will have until October 8 to either announce "firm intention" to make an offer for RPC or walk away.Moneysupermarket.com rose 2.4% as Peel Hunt raised the price comparison website to Buy from Add.Elsewhere on the Main Market, Debenhams shares fell 16% on a report it is has asked KPMG to explore options as such shutting shops as it looks to restructure.The restructuring could include asking creditors to accept a compulsory voluntary arrangement, the FT said citing a person with knowledge of the matter.On AIM, Abcam fell 14% despite posting a sharp rise in annual profit.The life science research tools supplier said pretax profit grew to GBP69.1 million for the year to June 30 from GBP51.9 million, as revenue climbed 7.4% to GBP233.2 million from GBP217.1 million last year. On a constant currency basis, revenue rose 11%.In the coming year, the company said it plans to increase investment in a "number of strategically important areas" including R&D, China, Abcam Inside and data analytics. As a result of increased investment, Abcam expects an adjusted earnings before interest, taxes, depreciation and amortisation margin of around 36% for the year ahead, down from the 38% achieved for the recently-ended year.