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STOCKS NEWS EUROPE-UK small caps outpefrom FTSE 100 by midday

Reuters - UK Focus

The FTSE Small Caps Index is flat, outperforming the blue-chip FTSE 100 index and the FTSE 250 (FTSE: ^FTMC - news) mid-cap index, which are down by 0.8 percent and 0.3 percent, respectively.

Insurance-focused takeover specialist Chesnara (LSE: CSN.L - news) gains 3 percent after saying it would buy Direct Line Insurance Group's domestic closed life insurance business for about 39.3 million pounds ($63.19 million) in cash.

"This appears to be an excellent acquisition that ticks all the boxes - a UK closed life insurance company that is being acquired at a very healthy 25.3 percent discount to its estimated Embedded Value as at 30 June 2013," Panmure says in a note.

The broker maintains its "buy" recommendation, but increases its target price by 7 pence per share to 322 pence.

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Robert Walters (LSE: RWA.L - news) gains 1.6 percent after the the recruiter releases an interim management statement for the third quarter ended Sept. 30 saying that it witnessed net fee income growth, in constant currency, across all of the group's regions for the fourth successive quarter.

Reuters messaging rm://atul.prakash.thomsonreuters.com@reuters.net