LONDON MARKET MIDDAY: FTSE 250 Climbs As ZPG Surges 30% On Takeover

LONDON (Alliance News) - The FTSE 100 was slightly lower at midday on Friday - though on course to end the week firmly in the green - while the FTSE 250 charged ahead as ZPG shot up 30% after agreeing to a GBP2.2 billion buy-out.The FTSE 100 index was down 0.1%, or 5.91 points, at 7,695.06 Friday midday, having hit a high of 7,712.13 at the open, its best level since late January. The index of large-caps is on course to end the week around 1.8% higher."Maintaining this pace of growth would put the blue chip index at new record highs early next week," said Russ Mould, investment director at AJ Bell.The all-time high for the FTSE 100 currently stands at 7,792.56, which was achieved in mid-January this year.The mid-cap FTSE 250 index was up 0.4%, or 89.67 points at 20,789.08 at midday on Friday. The AIM All-Share index was up 0.1% at 1,078.05.The Cboe UK 100 index was down 0.1% at 13,051.86. The Cboe UK 250 was up 0.5% at 19,033.83, and the Cboe UK Small Companies up 0.5% at 12,732.14.In mainland Europe, the CAC 40 in Paris and DAX 30 in Frankfurt were both down 0.3% at midday.Stocks in New York on Friday were pointed to a flat to higher positive open, having finished firmly in the green on Thursday.The Dow Jones Industrial Average was seen up 0.2% - having closed up 0.8% on Wednesday - with the S&P 500 also called up 0.2% but the Nasdaq Composite seen opening flat. "US equity markets are on course for a perfect week - five consecutive daily gains - which when you consider the drop off in sentiment and markets since the end of January is actually quite encouraging," said Oanda senior market analyst Craig Erlam.In the economic calendar on Friday, the US export and import price index is at 1330 BST, while the Michigan consumer sentiment index is at 1500 BST and the Baker Hughes oil rig count at 1800 BST. European Central Bank President Mario Draghi speaks in Florence at 1415 BST.In London's FTSE 100 on Friday, ITV was 5.2% higher as it continued to extend Thursday's gains, after it reported first quarter total external revenue was up 5% year-on-year, driven by strong performances by online and studios divisions. The stock closed up 6.1% on Thursday.G4S was up 2.7% after Exane BNP upgraded the security services company to Outperform from Neutral.Royal Bank of Scotland was 2.5% higher after Societe Generale raised the state-backed lender to Hold from Sell.At the other end of the index was clothing and homewares retailer Next, down 2.6% as it gave up some of Thursday's 6.1% rise.Next on Thursday said first quarter sales were better than expected, with full-price sales were up 6.0% year-on-year.Crowne Plaza owner Intercontinental Hotels Group was down 0.9% after Merrill Lynch cut the stock to Neutral from Buy.At the top of the FTSE 250 was ZPG, jumping 30% to 489.20 pence after agreeing to be taken over in a GBP2.2 billion cash deal. The stock hit an all-time high of 490.00p earlier in the session.The offer values each ZPG share at 490.00 pence in cash. This is a 31% premium to the closing price of ZPG on Thursday of 375.20p.Daily Mail & General Trust, which holds a 29.87% stake in ZPG, has given its support for the acquisition in irrevocable undertakings, stating the the offer is consistent with DMGT's objectives of "increasing portfolio focus and enhancing financial flexibility"."Zoopla itself is the number two outfit in the property site space behind Rightmove. The latter will be watching Silver Lake's intentions for Zoopla and whether it intends to launch a more concerted challenge to its market leader status," said AJ Bell's Mould.Shares in DGMT were up 2.5% at midday.Fellow FTSE 250 constituent Rightmove was 5.4% higher at midday, while smaller peer OnTheMarket was up 8.1%.John Wood Group was 9.3% higher after it said it saw good trading momentum across its businesses in the first quarter with its outlook for 2018 unchanged."The first quarter has demonstrated the significant benefits of the operational platform we have created. Our integration programme is ahead of schedule and we are seeing good momentum in trading, cost and revenue synergy delivery," said Chief Executive Robin Watson.At the other end of the index was Renishaw, down 5.9% after Peel Hunt cut the stock to Reduce from Hold.Elsewhere on the Main Market, Carpetright was down 3.9% after it said it has secured interim funding of GBP15 million from shareholder Meditor European Master Fund to cover its short-term working capital requirements.The GBP15 million Meditor loan has been made on an unsecured basis and bears an interest rate of 18% per annum. It is repayable by July 31, 2020.Interserve was down 1.8% after the support services firm said it has been referred to the enforcement division of the UK Financial Conduct Authority in connection with the company's handling of inside information and market disclosures.The investigation relates to the company's handling of information during the period from July 2016 to February 2017 for its now exited energy from waste business.