Micro Focus gains on update

Micro Focus International gained 3.7 per cent to head Britain's FTSE 250 risers yesterday after the IT firm issued a reassuring trading update. Micro Focus said its revenues and adjusted pre-tax profits for the 12 months ended 30 April were in line with market consensus. Micro Focus said on 26 April that it had received a takeover approach and was considering its response. Private equity firm Bain Capital is thought to be behind the approach.