StockMarketWire.com - The FTSE 100 has taken its cue from the US as it closed 0.7% higher at 7,611.27.

In the US, the S&P 500 opened 0.3% higher at 2,973.01, driven by healthcare stocks and bets from investors that interest rates could be cut amid trade tensions.

LARGE AND MID CAP RISERS AND FALLERS

Paddy Power owner Flutter Entertainment soared 11.5% to £68.38 after a mixture of bid speculation and positive broker comment about the gambling industry's increasing willingness for self-regulation.

Supermarket chain Sainsbury's shed 0.3% to 199p as its sales, excluding fuel, fell 1.2% in the first quarter, in what it called a 'tough' market. Sportswear retailer JD Sports Fashion rose 2.3% to 616p after the company said it remained on track to deliver annual headline profit before tax 'at least' equal to current consensus market expectations.

Student accommodation developer Unite increased 2.3% to £10.20 on news that it had agreed to acquire Liberty Living Group from Canada Pension Plan Investment Board for £1.4bn.

Specialist chemicals company Synthomer also announced a big deal, rising 1.3% to 376p after revealing that it had agreed to acquire US-based counterpart Omnova Solutions for $473m (£375m).

Services company Serco fell 0.8% to 145p after it agreed to pay a fine to the UK Serious Fraud Office of £19.2m, plus £3.7m of investigation costs, related to historical misstatements of contract earnings.

Electronics products supplier Electrocomponents fell 1.6% to 625p despite reporting a 4% rise in like-for-like revenue growth for the first quarter. The company also warned that its first-half margins would take hit from inventory expansion.

SMALL CAP RISERS AND FALLERS

Estate agent Foxtons suddenly jumped 13.6% to 62p in afternoon trading despite the absence of any news about the company.

Topps Tiles added 2.2% to 68p as the flooring retailer reported a 3.8% rise in like-for-like sales in the third quarter of its financial year.

Online estate agency Purplebricks gained 3% to 96p despite reporting a deeper annual loss. It also announced that it would exit the US market after expanding there too quickly.

Accident management support services group Redde gained 7% to 115p after a customer extended a contract that was due to expire at the end of July for an extra four months.


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