STOCKS NEWS EUROPE-UK small caps gain 0.3 pct early on

The FTSE small cap index .FTSC adds 0.3 percent in early trade outperforming the FTSE 100 .FTSE index, which loses 0.6 percent, and the FTSE 250 .FTMC index, down 0.1 percent.

Housebuilder and construction firm Galliford Try (GFRD.L) gains 5.2 percent, extending Thursday's advance following a reassuring trading update in which it said it saw encouraging signs for a second half recovery.

Property group St Modwen (SMP.L) falls 3.8 percent on news that the Clarke and Leavesley families, whch currently own 30.5 percent of the group, are to reduce their holdings down to around 26.5 percent via a book-built offering of up to 7.98 million shares.

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