One of the top performers of the day was RSA Insurance, the owner of More Than. RSA gained 18.43 percent, after Zurich Insurance said that it was considering putting in a bid for the struggling insurer.
Another major gainer was Hikma Pharmaceuticals. The drug company gained 11.59 percent after it announced that it planned to purchase the US based generic drugs business, Roxane, from its current owner, the German drug company Boehringer Ingelheim, for a purchase value of $2.65 billion.
Another gainer on the back of M&A activity was GKN. The UK based engineering firm gained 7.32 percent after it announced plans to purchase Dutch company Fokker Technologies for £503 million. It explained that the deal would help to strengthen its market leadership, as well as its manufacturing footprint.
UK broadcaster ITV gained 2.46 percent after it announced that it had seen pre-tax profits for the first half-year increase by 25 percent. Meanwhile, Royal Mail was one of the poorer performers of the day, suffering after regulator Ofcom said that Royal Mail would be in breach of competition law if it raised prices for its bulk mail delivery customers. This ruling led to shares in the postal company falling by 17.3p, or 3.43 percent. Meanwhile, in the mid-caps, Virgin Money gained 10.84 percent after the lender reported an increase in half-year pre-tax profits of 37 percent.