- UK stocks opened modestly higher on Wednesday as Theresa May looked to be gaining support for her Brexit deal and investors continued to assess US recession risk amid pressure on bond yields.

At 0855, the FTSE 100 was up 10.86 points, or 0.2%, at 7.207.15.

Debenhams jumped 52% after Sports Direct said it had proposed a takeover bid worth £61.4m for the ailing department store chain. Sports Direct rose 0.4%.

Tobacco company Imperial Brands slipped 0.2%, despite forecasting annual revenue at the upper end of its guidance range.

Bellway Homes added 1.2% after it reported an 8.7% rise in first-half profit, buoyed by higher home completions and selling prices.

AstraZeneca fell 0.7%, even as Japanese regulators approved its oral treatment for type-one diabetes.

RDI REIT rallied 16% on confirming media speculation that it had received an unsolicited takeover approach from Cromwell Property Group.

Food packing business Hilton Food gained 2.1% as the acquisition in 2017 of seafood distributor Seachill helped boost its annual profit 27%.

Heat resistant materials supplier RHI Magnesita gained 1.9% after it swung to a full-year profit, as volume growth and pricing gains propelled sales.

Advertising group M&C Saatchi posted a 16% rise in annual profit as it won new projects from clients including Reebok, eBay and Tourism Australia. Its shares, however, fell 0.7%.

OptiBiotix Health gained 1.9% on revealing that it had entered into a three-year distribution agreement with Silv Expo for Russia and Kazakhstan. Story provided by