StockMarketWire.com - UK stocks opened higher on Friday after Peppa Pig owner Entertainment One soared on a takeover bid, and investors awaited a speech from Fed Chair Jerome Powell that could shed more light on the direction of US interest rates.

At 0846, the benchmark FTSE 100 index up 42.2 points, or 0.6%, at 7.170.40.

Entertainment One jumped 27% to 575.02p after it accepted a £3.3bn offer from US toymaker Hasbro, pitched at 560p per share.

The rally above the bid price indicated some shareholders are holding out for a potential rival bid.

Computer services company Computacenter rallied 3.7% to 1,450p as it reported slightly lower half-yearly profits but forecast a better performance in the second half.

Pharmaceutical giant GlaxoSmithKline advanced 1.0% to 1,693.8p, having achieved a positive response rate for a blood cancer treatment during a clinical trial.

Alternative fuel company Quadrise Fuels gained 12% to 4.94p after it secured £2m of funding, via the first tranche of an issue of convertible securities, and would also launch an open offer of additional new shares.

Cake decorations and ingredients supplier Real Good Food softened 0.7% to 6.33p after it announced it had secured an £8.9m credit facility to repay debts owed to its shareholders.

Property investment and development company Henry Boot rose 0.2% to 234.55p, even as it booked a fall in first-half profit owing to lower development activity.

Target Healthcare fell 0.2% to 117p as it acquired two care homes in Ripon, Yorkshire and Stourport, West Midlands, for around £18.6m combined.

XPS Pensions shed 2.5% to 115p, despite its National Pension Trust unit securing authorisation from UK regulators.

Africa-focused gold producer Hummingbird Resources shed 0.7% to 22p on swinging to a half-yearly loss, as higher revenue was offset by production costs.

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