FTSE 100 lost some gains but still finished positively ahead of the Easter break with UK engineering giant GKN plc (LON:GKN) the top riser after Melrose succeeded in its hostile bid.
Turnaround firm Melrose (LON:MRO) received valid acceptances for its offer for GKN representing around 52.43% of the FTSE 100-listed engineer's voting rights.
The offer is now expected to become unconditional by April 19.
GKN shares shot up 9.46% on the day to 463p, bolstering the Footsie, which closed nearly 12 points up at 7,056.
FTSE 250 was also up firmly - adding around 103 points at 19,460.
The session end also brings to an end trade for the first quarter - a volatile three months for the markets.
"The onset of the Easter holiday encouraged investors to take a well-deserved breather. It has been one ugly quarter for stock markets. VSTOXX, the popular measure of European stock market volatility dropped back below 20 after spiking above it earlier this week," noted Jasper Lawler, head of research at London Capital Group
"It has been a quarter of extremes. There has been record high market volatility coupled with record high levels of M&A activity.
"US stocks experienced the largest daily points drop on record as well as the biggest one-day gain in two-and-a-half years," he added.
Top laggard on FTSE 100 was Prudential plc (LON:PRU), which shed 3.29% to 1,778.5p.
Banking stocks were a feature in late afternoon trading as the US Department of Justice announced that Barclays PLC (LON:BARC) has agreed to pay $2bn ?1.4bn) in civil penalties to settle claims for fraud in the sale of residential mortgage-backed securities.
Barclays shares were 0.2% higher at 206.4p following the settlement news, while Royal Bank of Scotland Group PLC (LON:RBS) - which is still waiting to settle similar claims gained 1.1% at 259.8p.
Neil Wilson, senior market analysts at ETX Capital, commented: "Barclays shares popped after it agreed a $2bn settlement with the DoJ over mortgage securities which removes significant overhang for the stock.
"The stock has since come back down a touch as investors figure out whether this is more or less than expected. On balance it looks close to the mark and the key is removing uncertainty on dividends."
He added: "More importantly perhaps, the settlement looks to be good news for RBS, which is trading up 1% following the news. It suggests perhaps that RBS can come some kind of agreeable settlement with the DoJ.
"RBS says it has earmarked ?3.2bn (US$4.4bn) for this so far but it is likely to be significantly higher than that, based on similar DoJ investigations. RBS has stressed that 'substantial additional charges and costs may be recognised in the coming quarters'. But the Barclays settlement looks to be on balance positive for RBS."
Overall, the FTSE 100 index pushed up to session highs in late afternoon trading, adding 37 points at 7,081. just below the peak of 7,083.55.
The FTSE 100 index saw its gains eroded in late afternoon trading on the final session of the first quarter, with traders mainly squaring positions ahead of the long Easter break in spite of an opening jump on Wall Street.
At 3pm, the UK blue chip index was around 14 points higher at 7,058, midway between the day's peak of 7,079.69 and its low of 7,042.73.
In New York, after half an hour of trading, the Dow jones Industrials Average was up 110 points at 23,958, although that was below an opening push above the 24,000 level.
The broader S&P 500 index was also up 0.3% as tech stocks rebounded following recent sharp falls, although the tech-laden Nasdaq Composite remained weaker.
The US indexes are still on track for sharp losses for March - the Dow looking at a 4.7% monthly decline, the S&P 500 poised for a 4% fall, and Nasdaq on course for a 4.5% fall.
Markets will be closed on Friday for Good Friday and ahead of the Easter and Passover holidays.
The Footsie remained higher in early afternoon trading but held off its best levels as investors eyed the US restart with fresh direction, with a rally by volatile tech stocks expected to see US stocks rally.
Around 2pm, the UK blue chip index was up about 20 points at 7,064, below the day's high of 7,079.69 but above the low of 7,042.73.
US stock index futures pointed to modest gains by the Dow Jones Industrial in opening deals following Wednesday's 9 point fall as tech issues look set for a bounce back after a hard few sessions.
For the first quarter, the Dow and the broader S&P 500 are on track to fall by 3.5% and 2.6%, respectively. That would mark the first losing quarter for those indexes since the third quarter of 2015
A batch of US data was also being ingested. The Federal Reserve's preferred measure of US inflation gauge, the PCE index rose by 0.2% in February as consumer spending increased by 0.2%, albeit half as fast as the 0.4% rise in incomes, according to government figures, matching economists' forecasts.
Meanwhile US initial jobless claims fell by 12,000 to 215,000 in the week to March 24, below forecast for claims to total 230,000. The more stable monthly average of claims dipped by 500 to 224,500.
BP PLC (LON:BP.) said Thursday that Paul Anderson will retire from the board as non-executive director and will be replaced by Land Securities Group PLC (LON:LAND) Chair Alison Carnwath at the BP annual general meeting in May.
British born Carnwath is the chair of Land Securities and also chair of UK private equity firm Livingbridge. She is a non-executive director of Zurich Insurance Group Ltd and Paccar Inc. She is also a senior advisor to Evercore Partners Inc.
Earlier this month, Land Securities said Carnwath will retire from Land Securities in 2018. Land Securities did not give any details as to exactly when she will leave. Carnwath has been chair of the FTSE 100-listed property developer for nine years.
The company said it has been undertaking a search for a new chairman, and Carnwath will continue in her role until a replacement is found.
In mid-afternoon, the FTSE 100 gains had reduced slightly, up 15.8 points at 7,060.5.
The UK's Information Commissioner has welcomed Facebook's (NASDAQ:FB) decision to end its partnerships with several large data brokers who help advertisers target people on the social network, according to a report from Reuters.
Facebook made the move after a scandal over how it handles personal information knocked billions of dollars off of its share price.
"I welcome Facebook's announcement that it will be shutting down its partner category service, using third party data to inform targeted advertising," said Information Commissioner Elizabeth Denham in a statement on Thursday.
"I have been examining this service in the context of my wider investigation into the use of personal data for political purposes and had raised it with Facebook as a significant area of concern," she added.
The FTSE 100 index was up 29 points at 7,073.8 around lunchtime.
Satellite broadcaster Sky PLC's (LON:SKY) Italian unit has signed a deal with broadband company Open Fiber that will allow it to stream programmes and offer high-speed broadband services, a source close to the matter told Reuters.
The accord will give Sky Italia access to the ultrafast broadband network Open Fiber is laying in more than 270 Italian towns and cities.
Open Fiber, jointly controlled by Italy's state-controlled utility Enel and state lender Cassa Depositi e Prestiti, is rolling out a fibre-to-the-home network to take on phone incumbent Telecom Italia.
The FTSE 100 index is on track to end the first quarter of 2018 with a loss of 8%, its worst quarter since 2011 and making it the weakest-performing major European market so far this year, closely followed by Germany's exporter-heavy DAX.
The quarter has been marred by a spate of high-profile profit warnings, troubles in the retail and outsourcing sectors, and worries over Brexit uncertainty.
Laith Khalaf, senior analyst at Hargreaves Lansdown, commented: "There's been negative sentiment towards UK equities for a significant period now, stemming all the way back to the EU referendum."
He added: "What we've had in 2018 is more of a global phenomenon, so we've have had a bit of volatility returning to markets." A shock spike in volatility rattled global stock markets in February, which have also been hit by concerns over the prospect of a global trade war and a tumble in the previously-high flying US tech sector.
The blue-chip index was up 28 points at 7,073.3.
Customers of telecoms giant BT Group plc (LON:BT.A) who have only a landline, without any broadband , will see their monthly phone bill cut by ?7 from Sunday, following an intervention by Ofcom.
The regulator investigated rising prices for landline-only services last year, before announcing that BT had agreed to reduce monthly bills for landline-only customers in October.
From 1 April, monthly line rental for landline-only customers would fall by 37%, from ?18.99 to ?11.99. The change would save the customers - many of whom Ofcom noted were elderly - ?84 a year.
As part of the agreement, BT also agreed to cap line rental and call charges to increase by no more than inflation for three years.
Meanwhile, supermarket group WM Morrison Supermarkets PLC (LON:MRW) was a top gainer in the FTSE 100, up 2.5% to 213.8p as broker Bernstein upgraded the stock to 'outperform' from 'market perform'.
The broker said 'anybody looking for a UK-income stock should be thinking about Morrisons' citing the company's decision to pay out its excess cash generation making it a 6.3% dividend stock in 2018/19.
The blue-chip FTSE 100 index continued its gains, up 30 points to 7,075.13.
The Office for National Statistics has revised up its overall estimate for UK economic growth in 2017 to 1.8% from a previous reading of 1.7 %, although the annual growth rate remained the lowest since 2012.
The ONS confirmed UK gross domestic product (GDP) grew by 0.4% in the final quarter of 2017, slowing from growth of 0.5% in the third quarter but up 1.4% compared with the last three months of 2016.
Dennis de Jong, managing director at UFX.com, commented: "With a year to go until Brexit there were no surprises with today's GDP reading for the final quarter of 2017 and it is unlikely to have an impact on the pound, nor the Bank of England's view on raising interest rates in May."
He added: "The UK economy has perked up recently thanks to greater clarity over Brexit plans, particularly the thorny issue of the Irish border, and Q4 total business investment came in significantly higher than expected.
"That will please Mark Carney, but it will be inflation, unemployment and earnings data in a fortnight's time that will either confirm or derail the Bank's plans to hike rates in May."
Britain's current account deficit, however, was revised down sharply to ?18.4bn in the fourth quarter, much lower than the median forecast for a shortfall of ?24bn.
The full-year deficit at ?82.9bn, or 4.1% of GDP, the narrowest as a share of the economy since 2011.
On currency markets the pound stayed weak, down 0.3% against both the dollar and the euro at US$1.4046 and ?,?1.1409 respectively.
Among equities, the FTSE 100 extended its gains to 27 points at 7,072 just below the session peak of 7,079.34.
UK house prices rose at their slowest pace in seven months in March, according to the latest survey from mortgage lender Nationwide.
House prices were up 2.1% in the year to March, slowing from growth of 2.2% in February and below forecasts for an increase of 2.6%.
Nationwide said house prices fell by 0.2% month-on-month, following a 0.4%drop in February, also below forecasts for an increase of 0.2%.
The mortgage lender said it expected house prices would be broadly flat over 2018, with a marginal gain of around 1% over the year as a whole.
Earlier this month, rival mortgage lender Halifax said house prices increased at their slowest annual pace in almost five years during February.
Howard Archer, EY ITEM Club economist, commented: "Housing market activity is expected to remain lacklustre as the extended squeeze on consumer purchasing power only gradually eases, confidence is fragile and appreciable caution persists over engaging in major transactions."
On currency markets, sterling was lower as the data slightly dented rate hike expectations, losing 0.2% against both the dollar and the euro at US$1.4049 and ?,?1.1416 respectively.
Among equities, the FTSE 100 was up 17 points at 7,062 just below the early peak of 7,069.68.
The FTSE 100 was modestly higher in early trading, extending Wednesday's gains on the final trading session of the first quarter and before the long Easter break, shaking off dull showings overnight from US and Asian markets thanks to a rally by heavyweight mining stocks.
Around 8.45am, the UK blue chip index was up 10 points at 7,055, having gained 44 points on Wednesday.
Lee Wild, head of equity strategy at interactive investor said; "The FTSE 100 has recouped some if its recent losses this week, but the index really has just scratched the surface and remains more than 10% down from January's record high, and still firmly in correction territory."
He added: "Market fundamentals are sound and the global economy is growing nicely, but there is still plenty to make the bulls think twice, not least the unresolved tariffs issue, inflammatory US foreign policy, a weak tech sector and position-squaring ahead of both the Easter break and end of the first quarter.
"Reaching some kind of compromise on tariffs would provide a welcome boost to flagging markets, but Trump must sell any deal as a win for the US, so investors will have to be patient. Greater certainty around possible regulation of the US tech sector would also remove some of the guesswork and allow markets to more accurately price in any impact."
Among the gainers in London, mining giant Anglo American PLC (LON:AAL) was top of the blue-chip pile, up 1.7% at 1,643.4p, while peers BHP Billiton plc (LON:BLT) and Glencore PLC (LON:GLEN) added 1.4% and 1.3% at 1,396p and 357.85p, respectively.
On the second line, Cineworld Group plc (LON:CINE) was also a good gainer, up 4.6% to 237.8p as Citigroup upgraded its rating for the cinemas operator to 'buy' saying the acquisition of Regal Cinemas "marked an enormous strategic pivot for the company and requires a re-evaluation of the investment case".
Drug discovery platform developer C4X Discovery Holdings plc (LON:C4XD) has licensed its addiction behaviour suppressant, C4X3256, to FTSE 250-listed Indivior in a deal worth up to US$294mln. It is the first major partnership for the AIM-listed group, which will receive US$10mln up front and a further US$284mln dependent on how successful the drug proves.
Hurricane Energy PLC (LON:HUR) told investors that it has brought forward a programme of boulder relocation to make room for the Lancaster field's early production system, taking the opportunity presented by prevailing market rates and vessel availability.
Alba Mineral Resources PLC (LON:ALBA) has raised ?750,000 of new capital, with the issue of 250mln new shares priced at 0.3p each. The investor in natural resource assets said the injection of cash would be principally used to advance its portfolio of assets including the Horse Hill and Brockham oil projects, onshore UK, as well as its mining assets in Greenland and Wales.
Redx Pharma Plc (LON:REDX) said it was temporarily halting the early-stage clinical trial of a cancer drug candidate in order to amend the dose-escalation process to start at a lower initial threshold. The delay to the phase I/IIa study of its Porcupine inhibitor, RXC004, is expected to be "several months" as it consults with regulators at the Medicines and Healthcare Products Regulatory Agency (MHRA) as to the next steps
Columbus Energy Resources PLC (LON:CERP) has confirmed that the La Cora operations have now officially come to a close. In a statement, Columbus told investors that it had now received official notification from the Spanish authorities of the closure of the La Lora concession, including the Ayoluengo oil field.
Mosman Oil And Gas Limited (LON:MSMN) is pleased with its opportunistic acquisition strategy, which is starting to pay off. As it continues to re-engineer and enhance its oil field assets in North America, the company reported US$321,348 of revenue for the six months ended December 31, and it made a US$156,522 gross profit though it had a US$731,046 loss before tax.
Woodford Investment Management has put up half of a ?5mln fundraising by intellectual property group NetScientific PLC (LON:NSCI). A placing at 52.5p will raise ?5mln, with the possibility of a further ?1mln depending on demand. Woodford has subscribed for 5.7mln new shares. The fund manager already owns 45% of the IP group and as the new shares will take its stake higher a whitewash waiver is being applied.
Gfinity Plc (LON:GFIN) said it has signed Lynx, a leading fragrance and personal care brand, as an official partner of its Elite Series UK for season three. The AIM-listed e-sports group said the partnership begins with immediate effect and includes exposure during its Elite Series live shows, advertising across Gfinity's owned channels, and integration into ancillary content including its magazine-style show GAME-ON FIFA 18.
ITM Power plc (ITM) (LON:ITM) said it has received a grant from the British Columbia Government Ministries of Energy, Mines and Petroleum Resources and Jobs, Trade and Technology to undertake a feasibility study into renewable hydrogen production. The AIM-listed clean energy company said in the initial phase of the project it would undertake a techno-economic feasibility study for the large-scale centralized production of renewable hydrogen in the province of British Columbia (BC).
Concepta PLC (LON:CPT) announced that it has showcased myLotus fertility products at the Manchester Fertility Show on 24 and 25 March 2018 and received an "excellent consumer feedback.
Adamas Finance Asia Limited (LON:ADAM) has been informed by the buyer of its interest in Global Pharma Holdings Group that funding to complete the deal has been secured. The Asia-focused investment group was due US$15.6mln in cash by 31 March from Fortune Insight Limited (FIL), which is acquiring the stake.
Harvest Minerals Limited (LON:HMI) has announced that its Final Exploration Report for Arapua Fertiliser Project has been approved by Department of Mines (DNPM) inspector for Minas Gerais, following assessment and a site visit.
Israel-focused alluvial miner Shefa Yamim (A.T.M) is on track with its bulk sampling programme at Kishon Mid-Reach near Mt Carmel.
Goldplat plc (LON:GDP) has completed the installation and commissioning of an elution plant at its gold recovery operation in Ghana. The new piece of kit, which is used to extract the precious metal from other materials, has been in use for some weeks with the first gold pour earlier this month.
Lionsgold Ltd (LON:LION) continued to expand its business in the last half of 2017 as it increased its ownership in a number of gold assets and in online trading platform TRAC Technology Limited. In the six months to December 31, Lionsgold increased its shareholding in India gold exploration and mine development company Geomysore Services and in Finnish gold joint venture company, Kalevala Gold Oy. In another big development, Lionsgold became majority owner of gold-focused fintech company TRAC after raising its stake from 37% to 55%.
Erris Resources plc (LON:ERIS) said it has had a strong start to 2018 after advancing its exploration projects in Ireland and Sweden last year. The European-focused mineral exploration company, which began trading on AIM in December 2017, reported "encouraging" drilling results from its gold projects in Sweden and progress at its zinc project in Ireland.
Life and pensions company Chesnara Plc (LON:CSN) more than doubled its full year profits on the back of its acquisition of Legal and General's Dutch unit. Profit before tax rose to ?89.6mln in 2017 from ?40.7mln a year ago, including a ?20.3mln gain on its takeover of Legal and General Nederland.
Amphion Innovations Plc's (LON:AMP) partner company Polarean Imaging PLC (LON:POLX) began its first day of trading on AIM at 8am on Thursday with the admission of its ordinary shares. The medtech company said Polarean had also raised gross proceeds of ?3mln via the placing of 20mln ordinary shares at a price of 15p in its initial public offering (IPO), representing 27.3% of the company's share capital.
ECR Minerals PLC announced said that their focus for last year was on exploration for gold in Victoria, one of the World's major gold producing provinces. The AIM-listed minerals and exploration company said for the year to 30 September 2017 their total comprehensive expense was ?562,649, compared with ?1,016,592 a year before.
Obtala Limited (LON:OBT) has said its due diligence process for the acquisition of Nouvelle Scierie Moderne de Sassandra (NSMS) requires more sample data before the firm can deciding whether to proceed with the deal.
Avacta Group Plc (LON:AVCT), the developer of Affimer biotherapeutics and research reagents, has announced that Dr Michael Albin, one of the group's non-executive directors will be stepping down from the board with effect from 30 March 2018.
Action Hotels PLC (LON:AHCG), the leading owner, developer and asset manager of branded three and four-star hotels in the Middle East and Australia, has announce the appointment of WH Ireland Limited as its nominated adviser and sole broker with immediate effect, replacing Zeus Capital Limited.
Challenger Acquisitions Limited (LON:CHAL) announced that it will host a shareholder conference call at 3.00pm UK time on 4 April 2018 to be hosted by chief executive officer Mark Gustafson, It said the CEI will discuss the company's equity interest in the New York Wheel Project, its investment in a new Giant Observation Wheel project, "The Eye of Texas", the launch of Star Sanctum's fan convention event to be held in London in May 2018, and an outline of the company's short term plans.
London's FTSE 100 expected to start Thursday slowly, and as it's the last session before the four day weekend there's definitely something of a Friday feeling.
Volumes may be lower and, for many traders, likely it'll be a day for closing down positions.
Sentiments elsewhere aren't particularly enticing for long trades, at least not those in the United States.
"US markets were unable to shake off the jitters around the tech sector closing lower on the day, as the tech juggernaut that has powered most of the gains in the US over the past two years, appears to be starting to misfire quite badly, with some of the biggest decliners from that sector, the so called FANG stocks of Facebook. Amazon, Apple, Netflix and Google," said Michael Hewson, analyst at CMC Markets.
He added: "Concerns about disruptions in global trade, slowing economic activity, and now worries about the tech sector being the target of regulatory changes, and higher tax rates, has provided a perfect storm of uncertainty and doubt into investors psyche, replacing the complacency that was so prevalent at the beginning of the year."
Wall Street's Dow Jones closed out Wednesday down 9 points or 0.03%, while the S&P 500 dipped 0.29% to end at 2,605, whereas the tech-heavy Nasdaq shed 0.85% to 6,949.
In Asia, Japan's Nikkei was up ever so slightly, gaining 5 points or 0.025% at 21,032 and, similarly, the Hang Seng added 81 points or 0.27% to trade at 30,125.
The Shanghai Composite index was 0.89% higher to 3,149.
Australia's ASX 200, meanwhile, was down 30 points or 0.52% changing hands at 5,759.
In the UK, IG Markets sees the FTSE 100 a smidgen higher. The CFD and spreadbetting firm is calling the benchmark a couple of points higher, at 7,026 to 7,030, with just over an hour to go before the start of trading.
Pound: US$1.4094, up 0.12%
Gold: US$1,327 per ounce, up 0.3%
Brent crude: US$69.87 per barrel, down 0.34%
Bitcoin: US$7,571, down 4.6%
Facebook Limiting Information Shared With Data Brokers - Wall Street Journal
Businesses caught between Brexit and Corbyn - Financial Times
Number of cars built in UK falls for seventh month in a row - The Guardian
Bargain Booze owner Conviviality heads for administration after failing to raise funds - Telegraph
Regulators step up efforts to safeguard City of London's status - Financial Times
Amazon Takes Fresh Stab at $16 Billion Housekeeping Industry - Bloomberg
Tesla Bonds Reach New Low, Stock Falls Further After Downgrade, Accident - Wall Street Journal