Buyers padding out their portfolios with media and defence stocks today ensured the London market made strides during the first trading week of the new year.

AUSTRALIAN bank Macquarie went hostile yesterday with a €2.2 billion (£1.5bn) takeover bid for the London Stock Exchange that its target has already rejected as “derisory.”

Australian bank Macquarie went hostile today with a £1.5bn (€2.2bn) takeover bid for the London Stock Exchange that its target has already rejected as “derisory”.

British computer games maker Eidos saw its market value slump 17% today as it moved to cool speculation about the price of a potential takeover deal.

Supermarket group Morrisons today cheered the London financial sector with news that converted Safeway stores were reaping the benefits of their change to the Morrisons format.

BRITISH retailer Sainsbury’s showed further evidence it was suffering at the hands of price-cutting rivals yesterday as it warned that first-half profits would slump by nearly two-thirds.

Sainsbury’s showed further evidence it was suffering at the hands of price-cutting rivals today as it warned that first-half profits would slump by nearly two-thirds.