The FTSE small cap index trade flat around by mid-session, outperforming the mid-caps and the blue chips, down 0.2 percent and 0.1 percent respectively.
Quindell Portfolio surges 18 percent after the management of the outsourcing technology firm issues after issuing more details on an equity swap and debtor positions, which had been the subject of media speculation.
The company said that the equity swap does not expose it to any further share issue or payment of cash. It added that in the first four months of 2013, it had collected around half of the debtor levels outstanding at the end of the previous year that were associated with the claims outsourcing business.
"The Board knows of no valid reason for the recent share price decline," it said.
The number of Quindell's lendable shares out on loan jumped 23 percent in the week to May 10, taking the utilisation rate to 63.2 percent and signalling a strong pick up in short bets, according to data from Markit. The share price has halved in the past six sessions.
Drug developer Vectura gains 1.6 percent after Peel Hunt raises its target price for the stock to 150 pence from 146 pence with a "buy" rating.
Reuters messaging rm://atul.prakash@reuters.net
