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(Open): The FTSE 100 saw modest gains in early trade, rising 20.47 points to 6,563.88, after US shares on Wall Street hit record highs on Thursday.
But there were further falls for G4S and Serco after allegations that they had overcharged on tagging contracts. G4S fell 1.6% and Serco dropped 2.3%.
Invensys shares jumped 14% after it received a takeover approach from France's Schneider Electric.
Invensys said it was likely to accept the offer, which values it at £3.3bn.
On the currency markets, the pound fell back against the dollar as the US currency rebounded from heavy falls seen on Thursday. The drop in the dollar's value had been triggered by comments from the US Federal Reserve indicating that an end to its stimulus programme was not imminent.
The pound fell 0.3% against the dollar to $1.5131, but rose 0.1% against the euro to 1.1605 euros.
Source: BBC News - Business http://www.bbc.co.uk/news/business-11899862#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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