FTSE flat despite Tesco surge
Shares in supermarket giant Tesco soared after it agreed to buy food wholesaler Booker Group.
The retailer surprised the markets with its £3.7bn deal, which will result in Booker shareholders holding 16% of the combined company.
Tesco shares jumped 9% to 205.75p, while shares in Booker were up 16.7% at 213.70p.
Despite Tesco's rise, the wider market was little changed, with the FTSE 100 down 2.39 points at 7,159.10 by midday.
Shares in BT were unchanged after the telecoms firm reported a sharp fall in third-quarter profits, down 37%, as it comes to terms with its Italian accounting scandal.
The company also confirmed that Corrado Sciolla, head of continental Europe, would step down over the affair.