British tech firm Micro Focus leads the FTSE 100 in fresh share buyback scheme

British technology firm Micro Focus was leading the FTSE 100 risers this morning after it launched a new share buyback programme.

The firm did not say how much the overall programme will be worth, but the initial tranche will return up to $200m (£155.3m) to shareholders. 

Micro Focus' share price spiked more than four per cent on the news, pushing it to the top of the FTSE 100 index. 

It also said it has entered into an agreement with Citigroup to orchestrate the buyback, which will run from today until 24 October.

Distribution group Bunzl was also not far behind, rising 3.14 per cent off the back of Monday's positive half-year results.

Read more: Bunzl boosts profit and announces push into Norway

The firm posted a four per cent increase in half-year profit, as it announced its first acquisition in Norway.

The news comes after Micro Focus agreed to sell its subsidiary open-source software business Suse to EQT Partners earlier this year for the sum of $2.54bn. 

The firm has been struggling to pause for breath since it acquired assets from Hewlett Packard Enterprise for $8.8bn in 2016, which failed to help Micro Focus reduce its debt.

Shareholders approved the sale of Suse at the company's annual general meeting last week, subject to customary adjustments.